One day was all it
took to wipe out all of the week’s gains on Friday, as banks led the
Greek bourse to major losses in the aftermath of a Eurogroup meeting that
showed there is significant distance yet between the government and eurozone
finance ministers. General index ended at 910.50 points, shedding 5.38
percent from Thursday’s 962.31 points.
On a weekly basis it shrank by
0.58 percent despite four days of moderate gains from Monday to Thursday.
Turnover amounted to 101.1 million euros, up from Thursday’s 73.8
million. A volatile session is expected today as uncertainties regarding
geopolitical developments and Troika negotiation may keep cautiousness in
domestic market.
The Hellenic
Statistical Authority will publish its October figures on its consumer price
index and vehicle registrations, as well as September data on industrial
output. Attica Bank resumes its October 13 general meeting while Hellenic
Petroleum announces its third-quarter financial results after the bell.
Greece/Tourism: Athens
International Airport is expecting traffic to keep increasing this winter, as
schedules include 21 percent more flights than the same season last
year.Every week there will be 110 more international flights as well as 85
extra domestic services, while another 18 existing services will become more
frequent.
Greece/Exports-Imports: National
Statistical Authority said that Greece’s value of exports-deliveries
dropped 8.7% y-o-y to EUR2.29bn in September 2014 vs EUR2.5bn a year earlier
(down 0.2% y-o-y ex-oil products). In turn, September import arrivals rose
by 7.4% y-o-y to EUR4.34bn from EUR4.04bn in September 2013 (up 13% y-o-y
adjusting for oil products).
Cyprus: Cypriot official
says other nations have approved country’s next installment of rescue
money amounting to 350 million euros. In September, the eurozone nations
refused to release the cash, saying Cyprus may have run afoul of the terms of
its 10-billion-euro rescue package when Parliament weakened a foreclosures
law that was deemed crucial for banks to deal with many bad loans. The
hurdle was overcome after lawmakers amended some laws, while the Supreme Court
struck down others as unconstitutional.
Banking Sector: Eurobank,
National Bank and Alpha shareholders on Friday gave the managment’s the
nod for them to use the deferred tax credit option, which could see
Greece’s systemic banks expand their capital by 2.5 billion euros
between them.
Piraeus Bank: Piraeus Bank will
announce irs Nine Month 2014 Financial Results on Tuesday 25 November after
the closing of the ATHEX trading session. The respective conference call will
take place at 6 pm.
Alpha Bank: According to press
articles Alpha bank is to raise about €410 million from a deal backed
by shipping loans, one of the first of its kind in Europe for nearly a year.
The fundraising, arranged and financed by Citigroup, bundles together
approximately 35 individual shipping loans with an average life of
two-and-a-half years with a five-year final maturity, industry sources
said.The deal represents efforts to raise money and plug a multi-billion
dollar funding gap, caused by several European banks pulling out of the
shipping sector or scaling back exposure in response to tougher regulations
after the financial crisis.
Alpha Bank planned to securitize about 1 billion euros
of shipping loans and expected to raise about 500 million euros in the transaction.Alpha
Bank will act as the servicer of the loans, which include financings provided
for dry bulk and oil tanker ships.
Lamda Development:The
Sixth Section of the State Audit Council on Friday decided that the tender
process which saw a consortium led by Lamda Development land the contract was
legitimate.The court effectively upheld the appeal by state sell-off fund
TAIPED against the verdict of another section of the council in September
which had frozen the process for the sale of 100 percent of the shares of
special purpose company Ellinikon SA.
The verdict deemed that the investment should proceed
as the draft contract between TAIPED and Lamda Development for the sale of
the company was considered to be
legal. The original decision had suggested
that the tender should not have been restricted to companies bidding for the
contract, and extended to people instead, but the Sixth Section rejected
that.
Privatizations/DESFA: Socar is
contemplating the possibility that its deal to acquire a controlling stake in
the Greek natural gas transmission network operator (DESFA) may fall through
following the intervention of the European Commission this week. Socar Chief
Executive Officer Rovnag Abdullayev stated on Friday that “the process
is more complicated when it come to European Union member states. With Greece
being an EU member, we also have to go through this procedure. The relevant
work is under way and Greece needs this particular sale. Otherwise, there are
many other places for investments and more profitable projects, but Greece is
interested in this,” said the Socar head. This is the first time that
the Azeri side has expressed any doubt about the completion of the
acquisition which has remained pending for 17 months. It is also the first
time it has distanced itself from the handling and development of the issue
to date.
Hellenic Petroleum (Q3/9M Results): The
company reports Q3 results today after the close. We expect improved
performance in the quarter as refinery margins bounced significantly in Q3
while domestic demand helped by tourism arrivals. Market consensus calls for
adjusted net profit of €24.3mn vs €1.0mn last year, whereas EBIT
is seen at €81.5mn vs €46mn last year. Management will host a
conference call today at 18.00 Greek time. CC details:
¡
GR +30 211 180 2000
¡
UK +44 (0) 800 368 1063
¡ US +1
866 288 9315
Intralot (Results Q3/9M 2014): Intralot
announced a weak set of results affected by lower income in IT/Services
segment (-23% y-o-y) and Fx. In specifics:
¡
Revenues increased by 23.1% y-o-y in 9M
2014 to €1,329.5m while EBITDA decreased by 8.2% y-o-y to
€131.7m.EBT decreased by 32.1% y-o-y to €27.3m. We note that at a
Constant currency basis: EBT: €38.0m -5.3% y-o-y in 9M 2014 (FX
negative impact of €10.7m). Net Profit for the period was shaped at a
negative €32.1m.
¡
On Q3 level Group sales are seen up
(+16.9%), EBITDA is down by 8% and Net loss shaped at €8m.
¡
Cash Flow from Operations reached
€45.1m in the 9M 2014 period, remaining largely unchanged compared to
the same period of 2013 (€45.5m). Capex for the 9M 2014 period reached
€42.8m
¡ Net Debt
in the 9M 2014 period was shaped at €401.3m, remaining at the levels of
the 6M 2014 period (€401.1 m), despite the payment of the €16.0m
semi-annual coupon for our 325m 5-year bond and a €3.1m deterioration
in working capital in the 9M 2014 period compared to 6M 2014 (€19.1m in
total). The working capital change was attributed to a €3.3m increase
in inventories and a €4.8m decrease of payables, due to company’s
strategy to reduce payables in exchange of more favourable pricing/commercial
terms, partially counterbalanced by a €4.6m decrease of receivables.
Finally, the positive FX impact on the Group’s cash position of
€3.3m in Q3 2014 partially counterbalanced the above mentioned
€19.1m negative impact on the Group’s net debt position.
Management will host a conference call today at 18.00
Greek time. CC details:
¡
Greek Dial-in tel: + 30 211 180 2000
¡
Alternate Greek Dial-in tel: + 30 210 94
60 800
¡
UK/European Dial-in tel: + 44 (0) 800 368
1063
¡ US
dial-in tel: + 1 866 288 9315
Eurobank (Results
9M 2014): Eurobank announced a mixed set of results
coming in line in operating income and miss provisions which are seen 22.7 up
q-o-q
to match recent AQR exercise. However additional one offs and DTA
reduce losses to €187m in Q3. In specifics:
¡
Operating profits before provisions
increased by 8 percent year-on-year in the January-September period.
¡
The bank’s liquidity also showed a
notable improvement, as deposits grew by 772 million euros in Q3 from the end
of the second quarter, while the loans to deposits ratio fell to 99.8 percent
from 103.4 percent at end-June.
¡
The pre-provisions core income (PPI)
reached Eur192 mn, +8.5% qoq largely driven by the 4.0% qoq drop in
non-interest costs. NII increased by 0.7% qoq driven by the reduction
in time deposit costs and stabilization of loan spreads which mitigated the
impact of deleveraging.
¡
Management reiterated coverage target of
55% which should be in line with the AQR findings. Provisioning is expected
to start normalizing in 2015, subject to the NPLs formation trends.
¡
NPLs ratio increased to 33.0% from 31.8%
in Q2 ‘14. In terms of volumes, gross loans declined by 3.7% yoy,
whereas deposits increased by 1.8% yoy.
¡
Tangible equity stood at Eur5.0 bn
(Eur0.34 per share). Reported CET1 ratio of 16.1%, Equity Tier I (excluding
prefs) of 13.7% and a fully loaded of 11.5% (excluding prefs).
¡ In other
news Eurobank is considering various ways to reduce stake in its insurance
unit Eurolife in order to raise capital, including through an IPO.
Other
Q3/9M results
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Manos
Chatzidakis
Head
of research
Beta
Securities S.A.
29
Alexandras Ave.
GR
- 11473
Athens,
Greece
Tel:
+30 210 6478755 /754
Fax
+30 210 6448791
Email:
mchatzidakis@beta.gr
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