General index fell below the 1,000-point mark on Thursday after 16 sessions
on skepticism regarding the terms set by Piraeus Bank for its share capital
increase and strong pressure in NBGs pre-emption rights. On a monthly basis General index returned to its starting point
(974.09) despite the rise of 15% during May. Today we expect another volatile
session following banking sector fluctuations while some flows are expected from
MSCI rebalancing. We note also that today is the last day for Alpha bank rights
exercise.
Regarding Q1 results after 130 announcements (52%) overall picture is
not optimistic as 62% of the companies are posting losses and EBITDA is down by
18% while bottom line is positive to €6.4bn affected by positive one offs in the
banking sector (~€6bn). Due day for ASE listed companies is today with Eurobank announcing
its Q1 after-market hours and concluding the official announcement
period.
Distribution of Profitable/Loss companies Q1 (50% of
announcements)
|
|
Profitable
|
50
|
q
|
Loss
|
80
|
|
pp
|
Increase
of Profitability
|
17
|
qq
|
Increase
of Losses
|
30
|
|
p
|
Reduction
of Profitability
|
20
|
q
|
Reduction
of Losses
|
35
|
|
M
|
Profits
Turn arround
|
13
|
L
|
Loss
Reverse
|
15
|
Greece - Sentiment: Economic sentiment in May reached its highest point in the last five
years in Greece, according to Eurostat data
released on Thursday. The Greek economic sentiment index appears to be steadily
continuing a rising course which started in January, reaching 93.8 points this
month, as there has been an improvement in all sectoral business expectation
indices.
Greece - Privatizations: Hellenic Privatisation Fund picked two groups to proceed to the
second phase of a competition to sell a 51 percent stake in Thessaloniki Water
Supply & Sewage Co. SA. Suez Environnement Co and Aktor Concessions SA
comprise the first group while Mekorot Development and Enterprise Ltd. leads the
second group which includes Miya Water Projects Netherlands BV and Terna Energy
SA.
Bank Of Cyprus: The suspension on trading shares of Bank of Cyprus Plc has been
extended until July 31.
FFGroup (Results 3M 2013): FFGroup reported better than expected Q1 on strong Asian Sales and
double digit increase in Luxury sales segment. Sales revenues increased by as much as 7.4% reaching €246.3 million,
from €229.3 million in the previous quarter. Gross profit increased by 2.6% and reached €124.1 million. The
relevant margin declined slightly to 50.4% Operating profit reached €47 million against €42.7 million in 2012,
posting an increase of 10%. Profit after tax reached €30.3 million against €22.1 million for the
previous quarter, posting an increase of 37.2%. EBITDA reached €53.2 million increased by as much as 8.4%, with the
respective margin at 27.4% from 27.2% in 2012. In
specifics:
¡
Revenues from the Jewellery, Watches and Accessories activity
increased significantly by 14.8% to €146.7 million
¡
Travel retail segment increased by 2.1% from € 40.1 million in 2012
to €40.9 million
¡
Revenues from Department stores increased by 3% to
€30.7million.
¡
Revenues of Retail/Wholesale of footwear and apparel decreased by
4.9% to €27.2 million.
¡
Other sales reached to €0.5 million.
|
FFGroup
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
229,305
|
246,350
|
7.4%
|
|
EBITDA
|
49,095
|
53,214
|
8.4%
|
|
(% of sales)
|
21.41%
|
21.60%
|
+19 bps
|
|
Net Income
|
22,116
|
30,339
|
37.2%
|
|
(% of sales)
|
9.64%
|
12.32%
|
+267 bps
|
PPC (3M 2013 Results): PPC reported a better than expected set of results on lower
operational cost favorable production mix and lower Capex. Specifically:
¡
Turnover reached € 1,486.8 m, compared to € 1,549.8 m in 1Q2012, a
decrease of € 63 m (-4.1%). PPC’s total electricity sales, including exports, decreased by 273
GWh (-2.1%) to 12,773 GWh, mainly due to lower demand, despite the slight market
share recovery in the retail market by 1.3 percentage points.
¡
ΕΒΙΤDΑ in 1Q2013, despite the turnover reduction, amounted to € 254 m
compared to € 232 m in 1Q2012, increased by € 22 m (+9.5%), mainly as a result
of the reduction of the total energy balance cost by € 198.2 m (-20.1%), with
EBITDA margin reaching 17.1% versus 15% in 1Q2012. If we do not take into
account the positive impact of the reversal of a € 52.7 m provision that was
recorded in 1Q2012, relating to the settlement of overdue receivables for
electricity consumption by the Attica region traffic lights, then the EBITDA
margin in 1Q2013 (17.1%) compares to an adjusted EBITDA margin of 11.6% in
1Q2012.
¡
Expenditure for liquid fuel, natural gas and energy purchases
decreased by € 181.7 m, a decrease of 22.1% compared to 1Q2012, mainly driven by
the lower expense for natural gas and to a lesser extent for liquid fuel.
¡
The total reduction of payroll cost, including capitalized payroll,
between the two periods amounted to € 4.8 m (-1.8%). 1Q2012 financial figures do
not include payroll cost of € 2.1 m of the spinned off segment of the former
Hellenic Transmission System Operator to IPTO. Taking into account said cost,
total reduction of payroll cost between the two periods amounts € 6.9 m (-2.6%).
Τhe net decline in the number of permanent employees on payroll amounted to 899,
from 20,858 on 31/3/2012 to 19,959 on 31/3/2013.
¡
In 1Q2013, pre-tax profits amounted to € 45.1 m compared € 15 m in
1Q2012, increased by € 30.1 m. Furthermore, the re-measurement of the deferred
tax position of the companies of the Group due to the rise in the nominal tax
rate in Greece from 20% to 26% resulted to a positive impact of € 4.3 m. on net
profitability for 1Q2013, resulting to net profit of € 49.4 m compared to net
losses of €1.4 m in the respective period of the previous year.
¡
Net financial expenses slightly decreased to € 54.7 m (-7%), from €
58.8 m in 1Q2012, mainly due to the decrease of net debt between the two
periods.
¡
Capital expenditure in 1Q2013 amounted to € 176.5 m. compared to €
253.9 m. in 1Q2012, reduced by € 77.4 m, while, as a percentage of total
revenues it declined to 11.9% from 16.4%. Excluding network users’ contributions
for their connection to the network (€19.7 m. and € 38.1 m. in 1Q2013 and 1Q2012
respectively), which fund a significant part of distribution projects, capital
expenditure amounted to 10.7% and 14.3% of total revenues in 1Q2013 and 1Q2012
respectively.
¡
Net debt amounted to € 4,645.4 m, a reduction of € 204.9 m. compared
to 31.3.2012 (€ 4,850.3 m.) or € 33.6 m compared to 31.12.2012 (€ 4,679 m.).
|
PPC
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
1,549,831
|
1,486,800
|
-4.1%
|
|
EBITDA
|
231,875
|
254,000
|
9.5%
|
|
(% of sales)
|
14.96%
|
17.08%
|
+212 bps
|
|
Net Income
|
-1,410
|
49,400
|
3603.5%
|
|
(% of sales)
|
-0.09%
|
3.32%
|
+341 bps
|
Hellenic Petroleum (3M 2013 Results): Hellenic Petroleum announced a
weak quarter due to lower utilisation rates high one offs and sales mix. In specifics:
¡
1Q12 Adjusted EBITDA at €38m (-49% y-o-y) reflects the negative
impact of domestic market demand drop (mainly HGO driven) on refining and retail
business as well as the slower Elefsina ramp-up and contribution to profits
¡
Reported results were affected by inventory losses on declining
prices at the end of 1Q (reversed since then) as well as higher depreciation and
financing costs; EBITDA was reported at €-12m and NI at €-78m. One-off impact on
deferred taxation from corporate tax rate increase to 26% at €11m
¡
Net Debt at €2.2bn, reduced y-o-y, with Gearing (D/CE) at 47%.
Positive pre WC cashflow as Capex reverts to maintenance mode
Key highlights and contribution for each of the main business units
were:
¡
Refining, Supply & Trading: Domestic Refining Adjusted EBITDA at €23m (-58%), on lowest ever
heating diesel demand in Greece and prolonged Elefsina
optimisation process. Improved
operations at the Thessaloniki refinery, which also faced similar
issues during its restart and ramp-up in 1Q12, following its own
upgrade. Elefsina operation, albeit at lower utilisation than planned, led to
increased total production at 2.9MT (+2% vs 1Q12) and increased middle
distillates yield by 17%. Increased exports to 1.3MT, partly offset domestic market decline,
driving sales to 2.8MT
¡
Domestic Marketing: Lower volumes, led by
heating diesel due to the duty increase and the economic crisis, as well as
pressure on margins led to an Adjusted EBITDA of €-3m. Autofuels sales overall
down by 5% with market shares gains recorded. C&I and Aviation sustained performance, while marine fuels sales
were affected by credit considerations. Fixed cost base reduced by 6%, as the transformation project yields
savings in rental and maintenance costs, partly offsetting the losses suffered
due to volume and margin losses.
¡
International Marketing: International Marketing Adjusted EBITDA at €7m, flat vs 1Q12, as
margin improvement and sustained volumes offset difficult macro
environment. Performance in all markets was positive, while the Cyprus
banking and sovereign debt crisis led to a provision of
€4m.
¡
Petrochemicals: Seasonally strong PP margins underpin profitability, as prices remain
high leading to an EBITDA of €14m, (+71% vs 1Q12). Higher propylene production
in Aspropyrgos y-o-y, supporting vertical integration with Thessaloniki PP
complex.
¡
DEPA contribution to Group results at €31m (vs €33m in 1Q12), on
resilient DESFA performance. ELPEDISON EBITDA at €13m (-15% y-o-y), on 8% lower electricity demand
and reduced natural gas power generation.
|
Hel. Petroleum
|
Results Q1 2013
|
|
In m. Euro
|
2012
|
2013
|
Δ
|
|
Adjusted EBITDA
|
76
|
38
|
-50.0%
|
|
EBITDA
|
108
|
-12
|
-111.1%
|
|
Adjusted Net Income
|
45
|
-21
|
-146.7%
|
|
Net Income
|
71
|
-78
|
-209.9%
|
Other Q1 results :
|
Lamda Development
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
19,966
|
18,933
|
-5.2%
|
|
EBITDA
|
6,781
|
7,714
|
13.8%
|
|
(% of sales)
|
33.96%
|
40.74%
|
+678 bps
|
|
Net Income
|
3,384
|
-11,148
|
-429.4%
|
|
(% of sales)
|
16.95%
|
-58.88%
|
-7,583 bps
|
|
Viochalco
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
817,877
|
733,361
|
-10.3%
|
|
EBITDA
|
36,347
|
29,904
|
-17.7%
|
|
(% of sales)
|
4.44%
|
4.08%
|
-37 bps
|
|
Net Income
|
-14,672
|
-41,160
|
-180.5%
|
|
(% of sales)
|
-1.79%
|
-5.61%
|
-382 bps
|
|
Info-Quest
|
Results Q1 2013
|
|
In thous.
Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
67,629
|
67,888
|
0.4%
|
|
EBITDA
|
2,045
|
2,705
|
32.3%
|
|
(% of sales)
|
3.02%
|
3.98%
|
+96 bps
|
|
Net
Income
|
83
|
117
|
41.0%
|
|
(% of sales)
|
0.12%
|
0.17%
|
+5 bps
|
|
EYATH
|
Results
Q1 2013
|
|
In thous.
Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
19,256
|
18,348
|
-4.7%
|
|
EBITDA
|
6,491
|
8,661
|
33.4%
|
|
(% of sales)
|
33.71%
|
47.20%
|
+1,350 bps
|
|
Net
Income
|
6,266
|
6,483
|
3.5%
|
|
(% of sales)
|
32.54%
|
35.33%
|
+279 bps
|
|
Ellactor
|
Results Q1 2013
|
|
In thous. Euro
|
2012
|
2013
|
Δ
|
|
Sales
|
280,653
|
260,091
|
-7.3%
|
|
EBITDA
|
51,724
|
52,638
|
1.8%
|
|
(% of sales)
|
18.43%
|
20.24%
|
+181
bps
|
|
Net Income
|
2,369
|
-17,247
|
-828.0%
|
|
(% of sales)
|
0.84%
|
-6.63%
|
-748
bps
|
Manos
Chatzidakis
Head of
research
Beta
Securities S.A.
29
Alexandras Ave.
GR -
11473
Athens,
Greece
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