The return to low volumes sessions (€53.4m/lowest in the last 17
sessions) and the absence of a major event/catalyst in the short term eased
volatility while investors keep a waiting stance ahead of the conclusion of bank
recaps. Local focus remains on banks with confidence in Alpha and anticipation
of Piraeus terms, while yesterday’s closing market
pressure could activate a bounce at the open.
Bank of Piraeus: The bank announced yesterday that €39.5m in preferred securities and
€26.2m in lower tier 2 notes validly tendered by deadline. Piraeus pays 35 euro-cents
for preferred securities; 55c for lower tier 2 notes plus an accrued interest
payment.
Eurobank: Eurobank proceeds with a liability management exercise in respect of
the five series of hybrid securities for up to €580m. Undertaking by holders
tendering Securities to participate in the new share capital increase, for cash,
with the proceeds of the repurchase, at a share issue price equal to the issue
price of the share capital increase of €5.8bn which was fully subscribed by the
Hellenic Financial Stability Fund (weighted average price ~€0.154).
The
participation of the securities holders in the LME is voluntary and the total
nominal value of the tendered Securities that the Bank will accept will not
exceed €580m, out of the total nominal amount outstanding of approximately
€663m. The tender period ends June 11 wgile new shares will be traded in
ASE on July 4. The announcement of the First Quarter 2013 results will take place on
Friday, 31 May 2013 after the close of trading on the
ATHEX.
Greece/Banking sector: Greek pension funds will not participate in a round of share capital
increase plans of Greek systemic banks.
The Labor ministry, in a letter sent to the managements of Greek pension
funds last Friday, said that according to the latest memorandum signed with the
EC-ECB-IMF troika, central government agencies have no right to participate in
banks’ share capital increase schemes Following this development, the boards of
IKA –Greece’s largest pension fund- and of the Self-Employed Single Fund
annulled earlier decisions and proceed with the sale of their rights to Alpha
Bank, while they are expected to do so with National Bank.
OPAP: According to press reports, the Remote Gambling Association (RGA) and
the European Gaming and Betting Association (EGBA) have filed a complaint with
the European Commission regarding the regulation of the Greek online gambling
market.
Jumbo (Results 9M 2013): Jumbo is expected to announce 9M results
today after market close. Jumbo has already announced figures regarding Turnover
(€381m +0,41%) and net earnings (€48,1m -29%) affected by the haircut on Cypriot
deposits which will reach €20m. On a like for like basis more favourable than
expected €/$ currency may keep gross margin above 50% beating management
guidance before one offs. Overall we expect a good quarter considering the
absence of Easter sales and the adverse economic conditions in the Greek
economy.
Fourlis (Results 3M 2013): Fourlis Group, during the first quarter of
2013, realized sales € 85,1 million, 6,1% lower than the same period last year.
Q1FY13 EBITDA was € 0,7 million (€
0,9 million in Q1FY12). The Group
realized Net Loss € 4,9 million compared to Net Loss of € 5,2 million in Q12012.
Results are in line with market expectations. In
specifics:
¡
Retail Home Furnishing and Accessories activity (IKEA) realized sales
of € 53,8 million, 8,9% lower than Q1FY12. The EBITDA was € 1,6 million flat
versus the same period of last year, while the losses before taxes for the
activity were € 3,3 million vs losses € 3,7 million in Q1FY12. Seven IKEA stores
operate today (5 in Greece,
one in Cyprus and one in
Sofia, Bulgaria).
¡
Retail Sporting Goods activity (INTERSPORT), realized € 25,7 million
sales 1,6% lower than the Q1FY12 (€ 26,1 million). The EBITDA was € 0,2 million
compared to € 0,3 million in Q1FY12 and the losses before taxes were € 1,5
million vs € 1,1 million for the same period last year. Fourlis Group currently
operates 88 Intersport stores in the region (41 in Greece, 22 in Romania, 4 in
Bulgaria, 18 in Turkey and 3 in Cyprus) compared to 84 stores at the end of
2012.
¡
Finally, the wholesale of Home Electrical Appliances activity,
realized sales € 4,8 million in Q1FY13 and € 0,7 million losses before
taxes.
A conference call will be held today at 17:00 Athens Time (15:00 UK Time) Dial in details +118668197111
(UK) or 00800 4413 1378 (GR) or +44
1452 542 301 (US).
|
Fourlis
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
90,597
|
85,091
|
-6.1%
|
|
EBITDA
|
868
|
688
|
-20.7%
|
|
(% of sales)
|
0.96%
|
0.81%
|
-15 bps
|
|
Net Income
|
-5,186
|
-4,593
|
11.4%
|
|
(% of sales)
|
-5.72%
|
-5.40%
|
+33 bps
|
Terna Energy (3M 2013 Results): Revenue for the first quarter reached
€35,0m, 34% higher compared to the same quarter of last year. Wind load factors
in Q1 settled at 32.7% (vs 30.1ΜW) while installed capacity reached 508ΜW. The Group has wind projects of 286ΜW under construction (276MW Greece, 12MW Poland)
and 2MW of PV. Net debt reduced to €262.1m (€141m project finance of
290ΜW). Operating Cash flow in Q1 increased to €20.5m while Capex settled
to €9.6m
|
Terna Energy
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
26,088
|
35,033
|
34.3%
|
|
EBITDA
|
13,093
|
20,585
|
57.2%
|
|
(% of sales)
|
50.19%
|
58.76%
|
+857 bps
|
|
Net Income
|
4,064
|
5,583
|
37.4%
|
|
(% of sales)
|
15.58%
|
15.94%
|
+36 bps
|
Other Q1 results :
|
Chalcor
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
313,945
|
303,282
|
-3.4%
|
|
EBITDA
|
13,402
|
6,185
|
-53.9%
|
|
(% of sales)
|
4.27%
|
2.04%
|
-223 bps
|
|
Net Income
|
-2,519
|
-11,966
|
-375.0%
|
|
(% of sales)
|
-0.80%
|
-3.95%
|
-314 bps
|
|
DOL
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
23,894
|
20,883
|
-12.6%
|
|
EBITDA
|
-3,057
|
-6,788
|
-122.0%
|
|
(% of sales)
|
-12.79%
|
-32.50%
|
-1,971 bps
|
|
Net Income
|
-6,835
|
-10,624
|
-55.4%
|
|
(% of sales)
|
-28.61%
|
-50.87%
|
-2,227 bps
|
0 σχόλια:
Δημοσίευση σχολίου
Ο σχολιασμός επιτρέπεται μόνο σε εγγεγραμμένους χρήστες