EUROCORP

Financial Morning News 02/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 899.92 posting profits of 0.69%, in a turnover of €40.49mn.

Greece had the highest rate of unemployment in the EU with 27.6% in May vs. 27% in April (Eurostat).

The US investment firm Japonica Partners extended its tender offer to buy as much as €4bn of Greek government debt until September 30.

Corporate Impacts

  • Alpha Bank: The bank reported a net profit in the first half of €2.73bn (est: €2.64bn), included a €2.6bn accounting gain from its takeover of peer Emporiki and, helped by lower funding costs and rising income from lending. The bank saw a slowdown in new non-performing loans, which led to a 5.1% drop in impairment provisions in the second quarter to €479mn. The loans past due by more than 90 days rose to 31.8% of its loan book from 30.1%. The bank said it had agreed to sell its Ukraine subsidiary as part of an increased focus on core markets for €82mn, with the deal expected to close in the third quarter.
  • EYDAP: The sales for H1’12 decreased by 0.7% to €161mn. The EBITDA decreased by 9.4% to €39.1mn, while the net profits amounted to €33.4mn (+128%).
  • GEK TERNA: The sales for H1’12 increased by 7.1% to €326mn. The EBITDA decreased by 7.1% to €57mn, while the net losses amounted to €33.6mn vs. a profit of €1.1mn a year earlier.
  • Ellaktor: The sales for H1’12 decreased by 4% to €572.4mn. The EBITDA decreased by 14.1% to €99.9mn, while the net losses amounted to €18.6mn vs. a profit of €9.7mn a year earlier, due to a deferred tax loss of €24.9mn.
  • Viohalco: The sales for H1’12 decreased by 13.2% to €1.51bn. The EBITDA amounted to €43.1mn vs. €82.7mn, while the net losses amounted to €4.4mn vs. a profit of €2.3mn a year earlier, due to a deferred tax loss of €4.1mn.
  • Technical

    FTSE 25 September future:

      Support levels: 300-292-286. Resistance levels: 312-318-324.

    General Index:

      Support levels: 870-861-850. Resistance levels: 915-940-960.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.