EUROCORP

Financial Morning News 31/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 994.87 posting losses of 1.37%, in a turnover of €96.38mn.

The Eurogroup President Mr.Jeroen Dijsselbloem is due to visit Athens today in order to meet the Prime Minister Mr. Antonis Samaras and his coalition partners. Meanwhile, the Luxembourg Prime Minister Mr. Jean-Claude Juncker is to make a working visit to Greece on June 10 and 11.

Corporate Impacts

  • PPC: The company announced profits of €49.4mn for Q1’13 vs. losses of €1.4mn a year earlier. The sales dropped by 4.1% to €1.49bn, while EBITDA increased by 9.5% to €254mn.
  • FF Group: The group announced profits of €30.3mn (+ 37.2%) for Q1’13. The sales increased by 7.4% to €246.3mnn, while EBITDA increased by 8.4% to €53.2mn.
  • Hellenic Petroleum: The group reported losses for Q1’13 of €78mn vs. profits of €71mn, hit by lower refining margins and a slower-than-expected start-up at a new refining unit. The net debt was €2.2bn (-3%).
  • Ellaktor: The company announced losses of €18.4mn for Q1’13 vs. profits of €7.2mn a year earlier. The sales dropped by 7.3% to €260.1mnn, while EBITDA increased by 1.8% to €52.6mn.
  • Technical

    FTSE 25 June future:

      Support levels: 322-316-308. Resistance levels: 340-348-355.

    General Index:

      Support levels: 979-950-936. Resistance levels: 1,012-1,030-1,055.

Finanacial Morning News 30/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,008.72 posting losses of 2.80%, in a turnover of €57.82mn.

According to the annual report of BoG, the economy will be able to return to a growth path in 2014 but the coalition government must first pick up the pace of reforms to support the recovery. The economy is expected to contract by close to 4.6% this year, with unemployment forecast to stabilize at around 28%.

The Organization for Economic Cooperation and Development said that Greece may need additional funds under its bailout program from the EU and IMF as output drops for a seventh year in 2014. It forecasts that GDP will decline 1.2% in 2014, after falling 4.8% in 2013. Please note that the European Commission estimates that Greece will return to growth next year with a 0.6% expansion in output.

The Producer Price Index in Industry in April fell 2.7% after a decrease of 1.3% a year earlier (ELSTAT).

Corporate Impacts

  • NBG: Effective as of the open of European markets on June 24, NBG will be deleted from the STOXX Europe 600 Index. Please note that today the trading of rights and subscription period begins.
  • Piraeus Bank: The board meeting agreed a reverse split scheme at a ratio of 10 to one new shares and determined the terms of the reverse split with each shareholder eligible for 35.68 new shares at a price of €1.70 per share. Please note that after reaching an agreement in principle with two international credit institutions for an investment of €570mn in the current share capital increase plan, the board’s top priority was to raise at least another €163mn from the market in order to avoid issuing convertible bonds (CoCos). This target will be surpassed if each existing shareholder participated in the scheme after the reverse split.
  • Cypriot Banks: Private-sector deposits fell by 7.3% to €41.32bn after a nearly 4% fall in March (ECB).
  • Jumbo: The Company posted an annual 29% drop to €48mn in net profit for the nine months to March 31, hurt by losses of about €19mn on its Cypriot deposits. Excluding the impact of the crisis in Cyprus, the company’s net profit fell 3.4% to €66mn. Sales were flat at €382mn with Bulgarian operations offsetting a slump in debt-stricken Greece and Cyprus.
  • Technical

    FTSE 25 June future:

      Support levels: 332-326-320. Resistance levels: 345-352-358.

    General Index:

      Support levels: 1,000-979-950. Resistance levels: 1,034-1,055-1,074.

Financial Morning News 29/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,037.83 posting marginal losses of 0.10%, in a turnover of €53.64mn.

According to Public Issue’s monthly economic barometer survey, the consumer climate index rose 3.6 points in May at 59.2 points.

Corporate Impacts

  • Terna Energy: The company announced net sales of €35mn (+34.3%), EBITDA of €20.6mn (57.2%) and net profits of 5.6mn (+37.4%).
  • Fourlis: The company reported Q1’13 sales of €85.1mn (-6%) (IKEA: €53.8mn -9%, Intersport: €25.7mn -1% and wholesale: €4.8m -1%), with EBITDA at €0.69mn vs. €0.87m a year ago and net losses at €4.9mn vs. €5.2mn a year ago.
  • Technical

    FTSE 25 June future:

      Support levels: 347-342-336. Resistance levels: 362-370-376.

    General Index:

      Support levels: 1,021-1,010-979. Resistance levels: 1,055-1,074-1,096.

Financial Morning News 28/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,038.89 posting profits of 0.36%, in a turnover of €88.74mn.

The Greek political leaders failed to reach consensus at the new anti-racism legislation and another meeting is possible on Thursday.

Corporate Impacts

  • Intralot: The net sales for Q1’12 increased by 2.5% to €355.8mn, EBITDA increased by 32.1% to €55.1mn, while net profits amounted to €4.8mn (+17.4%).
  • Motor Oil: The group announced Q1’12 losses of €12.1mn (est: -€9mn) vs. profits of €39.4mn a year earlier. The net sales were €2.19bn vs. €2.30bn, while EBITDA amounted to €46.1mn vs. €93.1mn.
  • Hellenic Petroleum: The Russia’s Sintez Group will not bid for Greek gas company DEPA, but may bid for its gas-network operator, DESFA. Please note that Sintez was one of two Russian companies, alongside state gas Gazprom that showed initial interest in DEPA.
  • Technical

    FTSE 25 June future:

      Support levels: 351-346-340. Resistance levels: 365-372-380.

    General Index:

      Support levels: 1,021-1,010-979. Resistance levels: 1,055-1,074-1,096.

Financial Morning News 27/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,035.12 posting losses of 0.31%, in a turnover of €51.57mn.

The executive board of IMF is expected to meet on Friday. The IMF will send a team to Greece early next month for talks with Greek authorities and the IMF’s bailout partners to discuss a review of Greece’s program.

The Prime Minister Mr. Antonis Samaras will meet today (6 p.m.) his coalition partners, PASOK leader Evangelos Venizelos and Fotis Kouvelis of Democratic Left.

Corporate Impacts

  • NBG: The bank reported a profit of €27mn in the first quarter of 2013 compared to a loss of €731mn in the same period last year, helped by its Turkish subsidiary Finansbank (net profits of €155mn +23%)., as well as lower funding costs and provisions for bad debt. NBG said that loan-loss provisions fell to €428mn from €505mn.
  • Technical

    FTSE 25 June future:

      Support levels: 345-340-336. Resistance levels: 360-366-372.

    General Index:

      Support levels: 1,025-1,010-980. Resistance levels: 1,060-1,080-1,096.

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