EUROCORP

Financial Morning News 28/05/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,207.55 posting profits of 0.82%, in a turnover of €191.01mn.

The Greek government spokesman Mr. Simos Kedikoglou said that the coalition has absolutely no intention of calling early elections. The Prime Minister Mr. Antonis Samaras and his coalition partner Mr. Evangelos Venizelos are said to be planning a reshuffle to refresh the government.

Corporate Impacts

    • MOH, NBG, Eurobank: Q1’14 results.
    • Fourlis: The sales for Q1’14 increased to €84.4mn vs. €85.1mn a year earlier. EBITDA amounted to €900mn vs. €700mn, while net losses amounted to €4.4mn vs. €4.9mn.
    • Hellenic Petroleum: The adjusted EBITDA in Q1’14 amounted to €51mn (+35%), while net income amounted -€38mn vs. -€78mn a year earlier. Elefsina refinery operations, the restructuring of our domestic marketing companies EKO and Hellenic Fuels and cost control in all our business units, had a positive impact on results. Refined product sales were marginally up to 2.8mn, with exports reaching 50% of total sales. The continuation of a challenging European refining environment, with weaker benchmarks and US dollar, negatively affected 1Q results by over €20mn.
    • OPAP: The group posted higher-than-expected quarterly profit of €49.7mn (+27.6%), due to a rise in sports betting and cost-cutting. Sales also beat expectations, rising by 11% to €966mn, helped by a 30% rise in revenues from popular sports betting game Pame Stoichima.
    • Attica Bank: The Chairman Mr. Yannis Gamvrilis said that the bank (51% owned by the engineers’ pension fund TSMEDE) has hired UBS, PWC and Clayton to find a suitable cornerstone investor. Attica will issue new shares to raise about €320mn to cover a €397mn capital need revealed in a central bank stress test in March (Reuters).
    • Aegean Airlines: The net sales for Q1’14 increased by 1% to €133.9mn, while lossses amounted to €8.4mn (-37%).

Technical

FTSE 25 June future:

        Support levels: 380-374-368. Resistance levels: 395-400-408.

General Index:

      Support levels: 1,185-1,150-1,130. Resistance levels: 1,220-1,250-1,265.

Disclaimer

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