EUROCORP

Financial Morning News 30/08/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 893.77 posting profits of 1.45%, in a low turnover of €31.87mn.

According to a Document by the German Finance Ministry, signed by Deputy Finance Minister Mr. Steffen Kampeter, Greece still needs €77.7bn additional financing needs (Bild).

Corporate Impacts

  • PPC: The company posted pretax profits for H1’12 of €170.2mn from €52.5mn, despite the increase of CO2 expense by approximately €106mn, the reduction of the energy mix cost by €146mn (-8.1%), attributed to a large extent to hydro generation which more than doubled. The total revenues amounted to €2.95bn, from €2.94bn. The management sees for 2013 revenues from energy sales of €5.9bln, total Revenues of €6.1bln and EBITDA margin of 16.5%-17%.
  • NBG: The bank reported a profit of €344mn in H1’12 (est: €125mn), helped by its Turkish subsidiary Finansbank (net profits of €332mn) lower funding costs and provisions for bad debt. The loan-loss provisions fell to €853mn vs. €1.2bn last year.
  • OPAP: The group announced a 73.9% drop in net profits for the H1’13, to €67.3mn. The sales fell 15.1% to €1.744bn, mostly because of the severe economic downturn and one-off factors that hit first-quarter results. The EBITDA decreased by 70% to €103.3mn.
  • Hellenic Petroleum: The group announced Q2’13 adjusted EBITDA at €21mn vs. €197mn in Q2’12, driven by historically low hydro-cracking margins and challenging industry conditions, especially in the Med. ELPE reduced its net debt to €1.8bn and doubled its exports, as Elefsina overcomes start-up and initial optimisation issues to reach 95% utilisation in 2Q13. The net income affected by reporting of higher depreciation and finance costs due to Elefsina start–up.
  • 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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