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.

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