EUROCORP

Financial Morning News 31/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,327.87 posting profits of 0.98%, in a turnover of €100.45mn.

The omnibus bill containing liberalization measures and other reforms that Greece needed to pass to receive its next bailout tranche squeezed through Parliament at just after midnight on Sunday but the vote led to the government’s majority dwindling further.

The eurozone finance ministers are expected to discuss tomorrow the release of further rescue loans to Greece at an informal summit in Athens starting tomorrow. The Finance Minister Mr. Yannis Stournaras indicated that, although eurozone finance officials will discuss the question of aid to Greece at the Athens Eurogroup, a final decision on the release of up to €12bn in aid is to be taken at a scheduled summit of EU leaders on April 15, with the disbursement expected two days later. This would provide Greece with adequate funding to pay down some €10bn in bonds due to expire in May. The Prime Minister Mr. Antonis Samaras called for swift action to reduce Greece’s debt.

Corporate Impacts

  • OPAP, ABAJ, Ellaktor, FF Group: FY’13 results
  • Eurobank: Under the proposed legislation, the HFSF can give the green light to new share offerings by the banks at prices that are lower than those in previous recapitalisations. This move opens the way for the planned capital increase of Eurobank, which needs to cover a €2.945bn capital shortfall that the BoG’s stress test revealed this month. Note that the bank was recapitalised by selling shares to the fund at €1.54 each. Under the draft law, the fund’s board can decide on the price of the share offerings based on a fair value evaluation by two independent financial advisers, taking into account prevailing market conditions.
  • Alpha Bank, Piraeus Bank: The two decided the capital increase of €1.2bn and €1.75bn respectively on Friday in order to buy back the preferred shares from the government and cover the capital shortfall revealed in a stress test by the central bank earlier this month. Alpha Bank said that the 42% of the funds was placed with British investors and 45$ with US funds. Note that Piraeus Bank will offer 10% of the share issue to local investors next week at €1.70.
  • Technical

    FTSE 25 April future:

      Support levels: 422-416-410. Resistance levels: 435-440-448.

    General Index:

      Support levels: 1,315-1,300-1,280. Resistance levels: 1,350-1,380-1,400.

Financial Morning News 28/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,314.99 posting losses of 1.27%, in a turnover of €139.08mn.

According to press reports, Greece is set to receive a commitment from euro-region authorities as soon as mid-April for a payment of €8.3bn in the next step in the country’s aid program. Deputies to finance ministers are due to hold a conference call March 30 ahead of a euro-area finance ministers meeting in Athens next week and the ministers could hold a further conference call if needed.

The IMF spokesman Mr. William Murray said that he cannot be precise on the exact amount that will be disbursed when this review is completed in May but it will be different than the past review and assume it will be higher.

Corporate Impacts

  • Alpha Bank, Piraeus Bank: EGM
  • BoC: Moody’s changed the outlook to positive from negative and affirmed the bank’s Ca long-term deposit ratings. Moody’s has also upgraded its senior unsecured medium-term note programme ratings to (P)Ca, from (P)C.
  • PPC: Turnover in 2013 remained practically flat amounting to €5.971bn compared to €5.985bn in 2012. ΕΒΙΤDΑ amounted to €881.6mn (-12%), with the respective margin settling at 14.8% compared to 16.7% in 2012. Provisions for bad debt, litigation and slow moving materials amounted to €358.3mn (+6.2%), while net debt amounted to €4,524bn, a reduction of €154.7mn. The company reported net losses of €225.3mn from profits of €41.8mn, due to a deferred tax of €228.3mn relating to the scheduled sale of the Independent Power Transmission Operator (IPTO S.A.) and a negative impact of €105.5mn from the resolution of the issue with AoG.
  • Frigoglass: The revenues for FY’14 declined by 10% at €522.5mn, while EBITDA was down by 5.8% at €63.9mn. The company reported net loss of €30.8mn from €15mn losses last year, due to a €17mn charge for shutting down the manufacturing plant in the US. The management said that the outlook remains challenging for 2014, especially in Europe.
  • Technical

    FTSE 25 April future:

      Support levels: 420-414-410. Resistance levels: 430-438-446.

    General Index:

      Support levels: 1,300-1,280-1,260. Resistance levels: 1,330-1,350-1,380.

Financial Morning News 26/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,329.20 posting losses of 0.11%, in a turnover of €76.41mn.

According to the 2014 budget, the Greek state achieved a €2.06bn primary surplus in the first two from a target of €1.04bn, despite a €580mn revenues shortfall.

The current account deficit narrowed in January and stood at €295mn from €314mn a year earlier.

According to WSJ, Greece is able to call its own tune, as the things are starting to look better for Greece.

Corporate Impacts

  • Mytilineos, METKA, Motor Oil, Intralot, MLS: FY’13 results
  • Greek Banks: The government plans to submit to the parliament the bill for the recapitalization of the Greek banks this week.
  • Alpha Bank: The bank has received significant investor interest for 1,846,153,846 new ordinary shares at a price of €0.65 per share (7% discount). The shares will be placed with qualified investors, outside Greece.
  • BoC: The Chief Executive Mr. ohn Hourican said that €225mn sale of its Ukrainian bank is on track to happen within weeks.
  • Technical

    FTSE 25 April future:

      Support levels: 422-416-410. Resistance levels: 435-442-448.

    General Index:

      Support levels: 1,320-1,300-1,280. Resistance levels: 1,350-1,380-1,400.

Financial Morning News 21/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,363.30 posting marginal losses of 0.08%, in a turnover of €96.70mn.

Today: S&P Credit Rating Review .

Corporate Impacts

  • NBG: The bank announced net profit for FY’13 at €809mn vs. losses of €2.14bn in 2012, reflecting clear improvement in the domestic economic climate. Profit before provisions grew 50% on an annual basis, to €1.551bn. The provision charge stood at €1.627bn vs. €2.532bn in 2012, down by 36% on 2012, as new loan impairments wane. The pro-forma Core Tier I stood at 11.2%.
  • Terna Energy: FY’ 13 results. Note that the BoD will propose to the AGM on April 29 the non dividend distribution for FY’13 and the distribution of a capital return. Subject to the AGM approval, the ex-date for the capital return is set for July 7.
  • PPC: According to press reports, the Italian grid operator Terna is interested in the IPTO privatization.
  • Technical

    FTSE 25 April future:

      Support levels: 438-432-426. Resistance levels: 448-454-460.

    General Index:

      Support levels: 1,350-1,320-1,300. Resistance levels: 1,380-1,400-1,420.

Financial Morning News 20/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,364.41posting losses of 0.38%, in a turnover of €123.26mn.

The troika issued a statement confirming the conclusion of a seven-month review of the Greek adjustment program in which the country’s lenders appeared broadly positive about Greece’s prospects but highlighted banks’ capital needs and this year’s surplus as two key areas that need to be watched closely.

The Greek government, after reaching an agreement with the troika, is preparing legislation for the reforms it agreed with its lenders in the hope that the next disbursement will be approved at an informal Eurogroup meeting due to take place in Athens on April 1.

Corporate Impacts

  • EXAE, NBG: FY’ 13 results.
  • Lamda Development: After opening Lamda Development’s bid for the development of the plot of the old Athens airport at Elliniko and deeming it unsatisfactory, state privatization fund TAIPED has asked the firm to raise its offer. TAIPED’s board initially gave the consortium led by the Greek construction company until next Monday to submit an improved offer, but Lamda said that was too soon, so TAIPED gave it two additional days, until Wednesday, March 26.
  • Technical

    FTSE 25 March future:

      Support levels: 438-432-426. Resistance levels: 448-454-460.

    General Index:

      Support levels: 1,350-1,320-1,300. Resistance levels: 1,380-1,400-1,420.

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