EUROCORP

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.

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