Market Comment
Wednesday saw
another one - the eighth consecutive - session ending lower, with the
composite index closing below 1,100 points following a daily drop of 2.66
pct, to end the day at 1,093.51 points. Turnover reached €252.14ml the
highest since June 25th.
It appears that the Greek market
followed its European peers' downward trend, based on investors' geopolitical
worries due to retaliatory measures decided by the Russian President as a
reaction against several waves of sanctions against Russia by the West, over
the Ukraine issue.
Short term losses
could trigger a strong reaction in the beginning of today’s session. However,
uncertainties in geopolitical front may keep volatility high and affect
market trend accordingly.
FTSE-25 stock
returns since July 25
|
FTSE-25
|
06/08/2014
|
25/07/2014
|
Δ(%)
|
|
COCA
COLA
|
17.45
|
17.62
|
-1.0%
|
|
ATHENS
WATER
|
9.45
|
9.66
|
-2.2%
|
|
FFGROUP
|
30.90
|
32.05
|
-3.6%
|
|
EUROBANK
PROPERTIES
|
9.32
|
9.67
|
-3.6%
|
|
OLP
|
17.01
|
17.70
|
-3.9%
|
|
OPAP
|
11.87
|
12.53
|
-5.3%
|
|
JUMBO
|
10.75
|
11.57
|
-7.1%
|
|
PPC
|
10.31
|
11.14
|
-7.5%
|
|
MOTOR
OIL
|
7.65
|
8.29
|
-7.7%
|
|
ΙΝΤRALOT
|
1.72
|
1.87
|
-8.0%
|
|
TERNA
ENERGY
|
3.65
|
3.97
|
-8.1%
|
|
GEKTERNA
|
3.46
|
3.79
|
-8.7%
|
|
HEL.
PETROLEUM
|
5.50
|
6.04
|
-8.9%
|
|
METKA
|
11.45
|
12.58
|
-9.0%
|
|
HEL.
EXCHANGES
|
7.24
|
7.99
|
-9.4%
|
|
MYTILINEOS
|
6.020
|
6.68
|
-9.9%
|
|
ALPHA
BANK
|
0.57
|
0.64
|
-9.9%
|
|
ELLACTOR
|
3.54
|
3.97
|
-10.8%
|
|
MIG
|
0.42
|
0.47
|
-11.3%
|
|
VIOHALCO
|
3.91
|
4.43
|
-11.7%
|
|
HTO
|
9.54
|
10.85
|
-12.1%
|
|
TITAN
|
20.45
|
23.51
|
-13.0%
|
|
NBG
|
2.230
|
2.58
|
-13.6%
|
|
EUROBANK
|
0.304
|
0.360
|
-15.6%
|
|
BANK
OF PIRAEUS
|
1.26
|
1.66
|
-24.1%
|
Greece/CPI: ELSTAT announced
that Greece's consumer inflation rate slowed to -0.7% in July from -1.1% in
June and compared to -0.7% figure recorded in July last year.
Attica Holdings/MIG: Attica
Holdings (a member of Marfin Investment Group) announced EUR75m agreement for
a comprehensive, long-term refinancing of its current debt with Fortress
Investment Group. Tellingly, Attica Holdings agreed that investment funds
under management by Fortress Investment Group (with total assets under
management of more than USD60bn) will invest EUR75m in Attica Group. In this
context, Fortress will fully cover Blue Star Ferries Shipping’s (100% owned
by Attica Holdings) two 5-year bond issues guaranteed with liens (including
an early repayment clause) for a total value of EUR75m.
Flexopack: As of today the
shares of the company are traded on the ATHEX under the final par value of €
0.54 per share, and excluding the right to participate in the capital return
of € 0.05 per share - through a cash payment - to the shareholders of the
company.
Attica bank: As of today the
4,233,152 new shares of the bank are admitted to trading on the ATHEX
following the conversion from 4,233,152 bonds, at a conversion price of €
0.30 per share. Total number of the Bank’s listed shares amounts to
1,045,794,145 shares.
HTO/Byte: The OTE-Byte
partnership signed yesterday a contract with "Social Security
eGovernment S.A" for the development of an electronic prescription system
for the State, as well as for the provision of relevant support services.
The contractual value of the project is 11.96 million euors plus VAT, while
the project has a completion period of 18 months.
HTO (Results 2Q/H1 2014): HTO
will announce its 2Q/H1 14 results today before the opening
of the market. The Group is expected to announce recurring net
profits of 59 million in the second quarter from 79.1 million the same period
last year (-21% y-o-y). On adjustment basis (excluding the sale of Globul) net
profits are up by 3%. Q2 Turnover will
settle at €960m
(Fixed line Greece -4%, Cosmote -6%, Romtelecom +3%) decreased by -4% while
EBITDA is expected down by 11.4% at €340m.
Despite the improvements in operating costs Q2 is negatively affected by MTR
cuts in Romania.
HTO’s management will host a conference call at 17:00
(GR Time) following the release, to review the results. Focus on Nova bid,
trends in domestic market and the upcoming tender for the renewal of spectrum
licenses.
Conference call details:
¡ Greek
participants 00800 4413 1378
¡ UK
participants 800 953 0329
¡ US
participants 1866 819 7111
Frigoglass (Results
2Q/H1 2014):
The company released today, before the market
opening, a weak set of H1 2014 results, coming in below market expectations
at the profitability level – broadly in line in terms of Frigoglass reported
H1 2014 group sales, EBITDA and net losses (ex-one off items) of EUR270m
(-14% y-o-y), EUR36.6m (-23% y-o-y) and EUR3.4m (vs net earnings of EUR9.9m
in 1H13), hit by deteriorating market dynamics in the cool division (Ukraine,
Turkey, Africa), margin erosions (mostly due to lower utilization rates and
FX movements), held back also by the fire incident at the Indian plant (early
April), which caused disruptions in the manufacturing process.
On the flip side, we welcome Frigoglass progress at
the operating cost front in Q2, as well as glass divisions 8% y-o-y sales
growth despite negative FX movements.Amid challenging market conditions,
Frigoglass H1/Q2 2014 overall performance leaves a lot to be desired. Having
said that, we expect a somewhat improved picture for H2 2014 thanks also to
favorable y-o-y base effects.
Conference call details (16:00 Athens Time/14:00
London)
¡ Greek
participants ++30 210 969 6444
¡ UK/Other
International participants +44 203 139 4830
¡ US
participants (+1 718 873 9077) - Participant Access Code 13868825#.
|
Frigoglass
|
Results H1 2014
|
Estimates H1'14
|
|||
|
In
thous. euro
|
2013
|
2014
|
Δ
|
H1 14 E
|
Δ (Est)
|
|
Sales
|
312,997
|
270,163
|
-13.7%
|
273,000
|
-1.0%
|
|
Q2
|
172,378
|
145,916
|
-15.4%
|
148,753
|
-1.9%
|
|
EBITDA
|
47,618
|
36,568
|
-23.2%
|
38,000
|
-3.8%
|
|
(% Sales)
|
15.21%
|
13.54%
|
-168 bps
|
13.92%
|
-38 bps
|
|
Q2
|
27,350
|
20,490
|
-25.1%
|
21,922
|
-6.5%
|
|
(% Sales)
|
15.87%
|
14.04%
|
-182 bps
|
14.74%
|
-69 bps
|
|
Net Income
|
9,871
|
-39,440
|
-499.6%
|
200
|
-19820.0%
|
|
(%
Sales)
|
3.15%
|
-14.60%
|
-1,775 bps
|
0.07%
|
-1,467 bps
|
|
Q2
|
6,245
|
-36,037
|
-677.1%
|
3,603
|
-1100.2%
|
|
(% Sales)
|
3.62%
|
-24.70%
|
-2,832 bps
|
2.42%
|
-2,712 bps
|
Coca Cola (Results 2Q/H1 2014):
CCHBC
announced a broadly in line set of result in Turnover and EBITDA while missed
consensus net earnings estimate by 4%. In specifics:
¡ Sales in
Q2 reached €1.852bn (-5% vs
Q2 2013).
Volume declined by 3% in the second quarter and the first half of 2014.
Established markets, which had a slow start to the year, showed a sequential
improvement with 2% decline in the quarter, bringing the half year decline
rate to -4%. Italy, Ireland and Switzerland showed sequential improvement,
partly due to Easter falling in the second quarter. Volume in Developing
markets declined by 5% in the quarter. Hungary on the other hand,
demonstrated growth in nearly every category. This segment has also shown an
improving trend compared to the first quarter, bringing the half-year decline
rate to under 7%. Emerging market volumes, down 3% in the second quarter and
2% in the first half.
¡ Comparable
EBIT amounted to €194 million in the quarter, €15 million higher than the
prior period, leading to a 130bps margin expansion to 10.5%. EBIT growth
realised in Developing and Established markets, compensated for the EBIT
decline in Emerging markets driven by Russia and Ukraine. Overall, positive
developments in currency-neutral net sales revenue per case, lower input
costs and lower operating expenses more than offset the impact of
unfavourable foreign exchange movements and the shortfall in volumes.
¡ Profit
after tax came at €134.4m while FCF in Q2
reached 172.6m (vs 137.2 in Q2 2013). Management stated that Russian market
trends lead to a more cautious outlook for H2.
Conference call details (11:00 Athens Time/09:00
London):
¡ Greek
participants +30 210 969 6444
¡ UK/Other
International participants +44 203 139 4830
¡ US
participants +1 718 873 9077 - Participant Access Code 13868825#.
Mytilineos (Results 2Q/H1 2014):
Mytilineos
announced a good set of results in line with our estimates. METKA beat our
and market estimates on bottom line due to lower tax rate and lower
financials. In specifics:
¡ The
Group posted increased profitability, strong cash flows
and a strong decline of net debt to €345.9 million, down from €509.7 million
at the end of 2013.
¡ Group’s
consolidated turnover for the 1st semester of 2014 stood at €653.0 million
against €730.8 million in the first semester of 2013. The improved
performance of the Metallurgy and EPC sectors drove EBITDA up by 12% to
€120.3 million, up from €107.7 million for the same period in 2013.
Similarly, net profit after tax and minority rights stood at €24.1 million,
up 71% from €14.1 million in the previous year.
¡ EPC
Projects Sector (METKA) made the largest contribution to the Group’s
financial results. METKA posted a turnover of €361.9 million for the 1st
Semester of 2014, up 25% from €289.9 million for the same period in 2013.
Similarly, EBITDA rose to €57.7 million from €45.3million for the same period
in 2013. METKAs net cash position reached €285m.
¡ Metallurgy
& Mining Sector posted a turnover of €204.8million against €224,5million
for the same period in 2013, a decline caused by the weakened Aluminium
prices at the LME, especially during the 1st Quarter of 2014. In contrast,
EBITDA increased to €23.7 million, up from €15.3 million in the 1st Semester
of 2013, reflecting the successful implementation of the “MELLON” programme,
and the drastic cost improvements introduced, which safeguarded the global
competitiveness of ALUMINIUM S.A.
¡ The
Energy Sector posted a turnover of €90.0 million for the 1st Semester of 2014
against €219.7 for the same period in 2013, as a result of reduced demand and
of regulatory changes in the operation of the market. Earnings before interest,
tax, depreciation and amortisation (EBITDA)stood at €42.4 million against
€48.6 million for the 1st Semester of 2013.
¡ Outlook
is positive. The recovery of aluminium prices, the sustained record-high
levels of Premiums and the strong performance of the US Dollar against the
other currencies create positive prospects for an improved Sector performance
in the 2nd Semester of 2014, provided that the State will proceed with the
implementation of the recently announced measures regarding the reduction of
the industry energy cost. Also METKA fast execution of MENA projects will
continue enhancing EPC sector profitability. Management stated that in H2
expects significant lower financing cost.
|
Mytilineos
|
Results H1 2014
|
Estimates H1'14
|
|||
|
In
thous. euro
|
2013
|
2014
|
Δ
|
H1 14 E
|
Δ (Est)
|
|
Sales
|
730,799
|
656,405
|
-10.2%
|
650,000
|
1.0%
|
|
Q2
|
371,755
|
311,825
|
-16.1%
|
305,420
|
2.1%
|
|
EBITDA
|
93,869
|
120,579
|
28.5%
|
118,000
|
2.2%
|
|
(% Sales)
|
12.84%
|
18.37%
|
+552 bps
|
18.15%
|
+22 bps
|
|
Q2
|
44,514
|
53,328
|
19.8%
|
50,749
|
5.1%
|
|
(% Sales)
|
11.97%
|
17.10%
|
+513 bps
|
16.62%
|
+49 bps
|
|
Net Income
|
12,537
|
23,366
|
86.4%
|
24,000
|
-2.6%
|
|
(%
Sales)
|
1.72%
|
3.56%
|
+184 bps
|
3.69%
|
-13 bps
|
|
Q2
|
1,909
|
8,156
|
327.2%
|
8,790
|
-7.2%
|
|
(% Sales)
|
0.51%
|
2.62%
|
+210 bps
|
2.88%
|
-26 bps
|
|
METKA
|
Results H1 2014
|
Estimates H1'14
|
|||
|
In
thous. euro
|
2013
|
2014
|
Δ
|
H1 14 E
|
Δ (Est)
|
|
Sales
|
289,930
|
361,867
|
24.8%
|
360,000
|
0.5%
|
|
Q2
|
155,937
|
172,807
|
10.8%
|
170,940
|
1.1%
|
|
EBITDA
|
45,287
|
57,645
|
27.3%
|
58,000
|
-0.6%
|
|
(% Sales)
|
15.62%
|
15.93%
|
+31 bps
|
16.11%
|
-18 bps
|
|
Q2
|
22,346
|
24,925
|
11.5%
|
25,280
|
-1.4%
|
|
(% Sales)
|
14.33%
|
14.42%
|
+9 bps
|
14.79%
|
-37 bps
|
|
Net Income
|
46,401
|
54,496
|
17.4%
|
49,000
|
11.2%
|
|
(%
Sales)
|
16.00%
|
15.06%
|
-94 bps
|
13.61%
|
+145 bps
|
|
Q2
|
30,303
|
29,056
|
-4.1%
|
23,560
|
23.3%
|
|
(% Sales)
|
19.43%
|
16.81%
|
-262 bps
|
13.78%
|
+303 bps
|
Other Q2/H1 results
|
Petropoulos
|
Results H1 2014
|
||
|
In thous. euro
|
2013
|
2014
|
Δ
|
|
Sales
|
24,915
|
30,373
|
21.9%
|
|
Q2
|
14,673
|
18,972
|
29.3%
|
|
EBITDA
|
1,514
|
2,146
|
41.7%
|
|
(% Sales)
|
6.08%
|
7.07%
|
+99 bps
|
|
Q2
|
1,085
|
1,599
|
47.4%
|
|
(% Sales)
|
7.39%
|
8.43%
|
+103 bps
|
|
Net Income
|
321
|
915
|
185.0%
|
|
(%
Sales)
|
1.29%
|
3.01%
|
+172 bps
|
|
Q2
|
531
|
959
|
80.6%
|
|
(% Sales)
|
3.62%
|
5.05%
|
+144 bps
|
|
Ideal
|
Results H1 2014
|
||
|
In thous. euro
|
2013
|
2014
|
Δ
|
|
Sales
|
15,528
|
17,638
|
13.6%
|
|
Q2
|
7,396
|
9,067
|
22.6%
|
|
EBITDA
|
624
|
783
|
25.5%
|
|
(% Sales)
|
4.02%
|
4.44%
|
+42 bps
|
|
Q2
|
160
|
467
|
191.9%
|
|
(% Sales)
|
2.16%
|
5.15%
|
+299 bps
|
|
Net Income
|
334
|
423
|
26.6%
|
|
(%
Sales)
|
2.15%
|
2.40%
|
+25 bps
|
|
Q2
|
-3
|
305
|
10266.7%
|
|
(% Sales)
|
-0.04%
|
3.36%
|
+340 bps
|
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