General Index ended positive yesterday after a volatile session with
moderate gains of 0.36%. Turnover came to 88.7 million euros, once again without
the trading of National Bank and on a bank holiday for London and New
York, compared to last Friday’s 78.2 million. Domestic
trend was dominated by the banking sector while the advancers/losers ratio was
more balanced. For today we expect consolidation moves near current levels as
the market may focus more to corporate announcements regarding Q1 results and
trade the support levels on banking stocks.
Greece: Greece’s travel balance of payments recorded a surplus of 14 million euros
in March, down by 2.0 million euros compared with the same month in 2012,
reflecting a 14 pct decline in travel proceeds to 137 million euros and a 14.1
pct decline in travel payments to 123 million euros, the Bank of Greece said on
Monday. Average spending per travel fell by 14.5 pct while tourist arrivals grew
by 0.5 pct in the same month. The re travel balance of payments in the
January-March period recorded a surplus of 66 million euros, from a deficit of
7.0 million euros in the same period last year, reflecting a 21.3 pct decline in
travel payments and a 3.7 pct fall in travel proceeds. In the three- month
period, tourist arrivals were up 4.6 pct.
Alpha bank: As of today, the trading of the of the Alpha bank ceases
following the recent share capital increase carried out in the form of a rights
issue. The expiration date of the pre-emption right’s subscription period is set
on May 31, 2013. In other news Alpha bank announced that there was strong demand
for the private placement (€95m) if the capital raise from investors which
covered the offer by four times.
Motor oil (Results 3M 2013): Motor oil announced Q1 results below
market expectations. Adverse domestic demand (automotive fuels, heating oil),
less favourable sales (exports at 69.2% vs 53.4%) kept operational performance
at lower levels. Also in Q1 bottom line is negatively affected by inventory
losses (-8m) FX losses (€11m) and one off deferred tax charge of €15m. On top
line utilisation rate posted another record quarter (110%), cash flow was
negatively affected by increase in inventories resulting an increase in net debt
by similar amount (€203m). We note that in the upcoming AGM the board will
propose special dividend (capital return of €0.10 per share) on top of the
already proposed €0.30.
Motor oil’s management will host a conference call today at 17:30. To
join the call, you may dial in 0800953 0329 (UK) or
00800 4413 1378 (GR) or +44 1452 542 301 (US).
|
Motor oil
|
Results Q1 2013 (Reported)
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
2.303.583
|
2.190.939
|
-4,9%
|
|
EBITDA
|
92.848
|
45.869
|
-50,6%
|
|
(% of sales)
|
4,03%
|
2,09%
|
-194 bps
|
|
Net Income
|
39.935
|
-12.125
|
-130,4%
|
|
(% of sales)
|
1,73%
|
-0,55%
|
-229 bps
|
Hellenic Exchanges (Results 3M 2013): Hellenic Exchanges posted as
expected a soft quarter in line with market expectations. Consolidated net after
tax profits amounted to €4m vs. €4.8m in Q1 2012, reduced by 16.5%. Total
operating revenue increased by 1.7% to €8.85m in Q1 2013 vs. €8.7m in Q1 2012.
On the other hand, total consolidated revenue dropped by 17.3% (€8.6m vs.
€10.4m). It should be noted that in Q1 2012 the company booked €2m in
non-recurring revenue.
The average capitalization of the Greek capital market increased by
24% in Q1 2013 compared to Q1 2012 (€36.4bn vs. €29.4bn), while the average
daily traded value was €65.3m, compared to €61.5m, a 6% increase. On the other
hand, market liquidity dropped by 21.4%, with the average daily volume at 40m
shares in Q1 2013 vs. 50.8m shares in Q1 2012. In the derivatives market, the
average daily number of contracts increased by 18% (62.7 thousand vs. 76.7
thousand).
The operating expenses of the Group were reduced by 13.6% in Q1 2013,
amounting to €3.9m vs. €4.5m in Q1 2012, whereas total operating expenses
including new activities, was reduced by 11.9% in Q1 2013, to €4.1m vs. €4.7m in
the corresponding period last year. The Group’s EBT in Q1 2013 amounted to €5.3m
vs. €6.7m in the corresponding period last year, reduced by 19.8%. Based on data
up to and including 24.5.2013, the average daily traded value in Q1 2013
amounted to €94.1m.
|
Hellenic Exch.
|
Results Q1 2013
|
Estimates Q1'13
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
3M 13 E
|
Δ (Est)
|
|
Sales
|
10,425
|
8,618
|
-17.3%
|
8,900
|
-3.2%
|
|
EBITDA
|
5,739
|
4,489
|
-21.8%
|
4,650
|
-3.5%
|
|
(% of sales)
|
55.05%
|
52.09%
|
-296
bps
|
52.25%
|
-16
bps
|
|
Net Income
|
4,832
|
4,034
|
-16.5%
|
4,050
|
-0.4%
|
|
(% of sales)
|
46.35%
|
46.81%
|
+46
bps
|
45.51%
|
+130
bps
|
Fourlis (Results 3M 2013): Fourlis will release its Q1 results
tomorrow after the bell. Market consensus doesn’t expect significant variations
from Q1 last year as Greece’s retail sales remained under
pressure (-17% furniture, clothing -11%). Bottom line is expected to remain in
red (€4.5m) while revenues is seen 6% lower to €85m
Aegean Air (3M 2013 Results): Revenue for the first quarter of 2013
reached €115.9m, 11% higher compared to the same quarter of last year. Pre-tax
losses narrowed to €8.2m compared to losses of €31.2m in 2012. Higher load
factors in international routes and further cost management efforts were the
main contributors to the improvement. Net result after taxes was a loss of €1.2m
against losses of €25m in 2012, given the additional positive impact of a €5m
rise in deferred tax assets, derived from the increase in tax rate to 26% from
20%. AEGEAN carried 1 million passengers in the first quarter of 2013, achieving
an increase in its average load factor to 70.5% from 65.3%. Passengers on
international flights reached 585 thousand, rising by 7% versus 2012. Domestic
traffic fell by 13%, with average fares declining by a further 9% for a fifth
consecutive year as a result of declining local GDP. Cash and cash equivalents
reached €160m as of 31.03.2013.
|
Aegean air
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
104,583
|
115,853
|
10.8%
|
|
EBITDA
|
-30,317
|
-4,273
|
-85.9%
|
|
(% of sales)
|
-28.99%
|
-3.69%
|
+2,530 bps
|
|
Net Income
|
-24,981
|
-1,239
|
95.0%
|
|
(% of sales)
|
-23.89%
|
-1.07%
|
+2,282 bps
|
Elval (3M 2013 results): The increased sales volume in the rolling
sector and the improved product mix led in the strengthening of the Group's
results despite the charge of high energy cost which reduces significantly our
competitiveness on international markets. Consolidated sales amounted to euro
259 million, having been increased by 8.7%, gross profits amounted to euro 20
million from euro 14.7 million compared with the first quarter of 2012, while
consolidated earnings before interest, taxes, depreciation and amortization
(EBITDA) increased by 33% to euro 21 million from euro 15.8 million. Furthermore
improved financial results, due to lower average borrowing, resulted in an
increase in profit before taxes to euro 6.7 million from euro 0.9 million in the
first quarter of 2012.
Due to the increase in the income tax rate from 20% to 26%, the
recalculation of deferred tax of the Group resulted in a deferred tax loss of
euro 11.8 million, which incurred fully the results of the first quarter, and
finally, profit before taxes was turned into loss after taxes and
non-controlling interests of euro 7.2 million. The enhanced activity of the
Group resulted in an increase in necessary working capital and consolidated
operating outflows amounted to euro 9 million, while investment outflows
amounted to euro 7.4 million. The Group's net debt amounted to euro 226.3
million, increased by 7.9% from euro 209.7 million in December
2012.
|
ELVAL
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
238,554
|
259,351
|
8.7%
|
|
EBITDA
|
15,795
|
21,040
|
33.2%
|
|
(% of sales)
|
6.62%
|
8.11%
|
+149
bps
|
|
Net Income
|
1,723
|
-7,183
|
-516.9%
|
|
(% of sales)
|
0.72%
|
-2.77%
|
-349
bps
|
Other Q1 results :
|
Kanakis
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
3,945
|
3,740
|
-5.2%
|
|
EBITDA
|
334
|
320
|
-4.2%
|
|
(% of sales)
|
8.47%
|
8.56%
|
+9 bps
|
|
Net Income
|
217
|
163
|
-24.9%
|
|
(% of sales)
|
5.50%
|
4.36%
|
-114 bps
|
|
Kiriakides
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
8,762
|
7,021
|
-19.9%
|
|
EBITDA
|
3,313
|
2,854
|
-13.9%
|
|
(% of sales)
|
37.81%
|
40.65%
|
+284
bps
|
|
Net Income
|
1,561
|
849
|
-45.6%
|
|
(% of sales)
|
17.82%
|
12.09%
|
-572
bps
|
|
Hygeia
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
64,237
|
63,398
|
-1.3%
|
|
EBITDA
|
5,800
|
9,121
|
57.3%
|
|
(% of sales)
|
9.03%
|
14.39%
|
+536
bps
|
|
Net Income
|
-2,289
|
-3,640
|
-59.0%
|
|
(% of sales)
|
-3.56%
|
-5.74%
|
-218
bps
|
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