greek fixed income monitor

Ilias Lekkos [email protected] Veni Arakelian [email protected] Rotsika [email protected] Vlachou [email protected] Giannakidis [email protected]

Piraeus BankVassilisis Sofias & Kerasountos 1, 115 28 Athens Tel: 210 328 8187, Fax: 210 373 9580

[email protected] Page: <PBGR>

Piraeus Bank Government Bond Index: {PBGGGSBI Index<GO>}

Weighted Average Yield: {PBGGGWAY Index<GO>}

Piraeus Bank Government Bond Index : {PBGGGCBI Index<GO>}

Weighted Average Yield : {PBGGIWAY Index<GO>}

} Latest Developments in the Greek Bond Market

} Greek Government Bonds Yield Curve Evolution

} Greek Government Bonds Interest Rate Curve Estimation

} Piraeus Bank Greek Government Bond Index

} Piraeus Bank Greek Corporate Bond Indices

} Financial Analysis of Piraeus Bank Corporate Bond Index Members

2August 2015

3

As expected, Greek bond prices and yields have exhibited unprecedented volatility over the past 2 months due to the rapid and unforeseen

political and economic developments. In particular:

} The two consecutive credit rating downgrades in the period in May and June, reduced the Government Bond Index from 300 points on 1st

May to 253 points two weeks later. In addition, the referendum announcement had a significant impact on the government bond market, with

the government index losing almost 28.6% of its value within 4 days. Following the referendum outcome on 5th July, the index retreated by a

further 28.7% reaching a historical low of 174.2 points.

} The resumption of negotiations between the Greek government and creditors in mid-July as well as the adoption of measures for regaining

credibility on 15th and 22nd of July led to an immediate recovery in Greek bond prices of 22.53% relative to the beginning of the month.

Moreover, the agreement on a third programme between Greece and the ESM resulted in even greater momentum for bond prices, which

recorded gains in August equal to 20% on a Month on Month (MoM) basis.

} In summary, despite the large fluctuations in the majority of government bond issues, the Government Bond Index recovered from losses

during the previous two months and is 12.28% higher on a Year to Date (YtD) basis.

Source: Piraeus Bank Research, BloombergAugust 2015

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Piraeus Bank Corporate ex Financials Bond Index

Piraeus Bank Corporate Bond Index

Piraeus Bank Financials Bond Index

Piraeus Bank Government Bond Index

Bloomberg Corporate High Yield Bond Index

Bloomberg Government Bond Index

MoM YtD

4Source: Piraeus Bank Research, BloombergAugust 2015

5Πηγή: Piraeus Bank Research, BloombergAugust 2015

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1-Apr 16-Apr 1-May 16-May 31-May 15-Jun 30-Jun 15-Jul 30-Jul 14-Aug 29-Aug

Corporate - Sovereign Bond Index Financials - Sovereign Bond Index

Cumulative Return relative to the Government Bond Index

} In a similar manner, but with a smaller degree of fluctuations,

corporate bond prices were negatively influenced by the imposed

capital controls and the referendum announcement and recovered

after the adoption of the first wave of credibility measures.

Consequently, the Corporate Bond Index recorded marginal gains

equal to 1.22% in August relative to the previous month but

remains 3.4% lower relative to the end of 2014.

} During August, there were coupon payments for the OTE bond on

7th August and for the Intralot Finance bond on 15th August.

} The graph illustrates the evolution of cumulative returns, starting

from 1st April, of the Corporate and Financials Bond Indices

relative to the Government Bond Index. It is clear that from the

end of May, the Corporate Bond Index outperformed the Financials

Bond Index and the difference between the two widened during

the last 2 months. Specifically, the cumulative return for corporate

bonds at the end of August was almost 50% higher than that of

financial bonds. This divergence is attributable to the stronger

correlation of the Financials bond market with government issues

and the large impact of political developments on Financials bond

prices.

} Nevertheless, the major driver of banks’ bond prices was the decisions

from the Eurogroup on 14th August with respect to the scenarios for

restructuring the banking sector. The possibility of senior bondholder

participation in the banks’ bail-in scenarios resulted in downward

pressures during the last half of August for the Financials Bond index.

} In detail, since the beginning of 2015, the Financials Bond Index has lost

51.1% of its value, while a 26-percentage-point drop was recorded

during the last two weeks of August.

6

} Gains were recorded for the whole term structure of the Greek bond curve during August, as yields to maturity (YtM) dropped

significantly. The drop in YtM was more pronounced for the short and medium maturities. More specifically, the 2-Year bond YtM

decreased from 20.48% in July to 10.76% in August, while the 4-Year government bond recorded gains equal to 680 basis points relative

to its level of 17.06% at the end of July.

} Interestingly, the negative slope of the yield curve started to flatten at the beginning of the month after the 3-year loan

agreement with the ESM, the rating upgrade of the Greek economy and the possibility of debt relief by the official creditors.

} Nevertheless, the economic disruption from the lengthy negotiations of the previous months and the cost of capital controls to the Greek

economy has not been quantified yet in economic terms. Moreover, there still exist a substantial level of political uncertainty and inertness

on structural reform motivations. Consequently, short term YtM are still higher relative to the long term end of the yield curve and the

yield curve slope remains on the negative side.

August 2015Source: Piraeus Bank Research, Bloomberg

7

Estimated Interest Rate Curve Estimated Forward Rate Curve

} In order to take into account the high volatility in short-term maturities for June and July, we compare the estimated interest rate curve in August with the one estimated in May. Even

in this case though, the differences for short-term maturity bonds are quite large. The estimated curves show that the 3-Year and 5-Year rates are 690 and 323 basis points

lower respectively, relative to their levels 3 months ago. Similarly, the 10-Year rate estimate recorded a significant drop from 10.07% in May to 8.64% at the end of August. We

should note though that the large drop recorded for the 3-Year and 5-Year maturities is more pronounced from the comparison of the estimated rate curve relative to the previous

month.

} Changes in bond market expectations during the past three months are evident from the comparison of one month forward rate curves. Particularly, whereas the very short-term part of

the curve expectations have not changed, medium term (3 to 5-Year) and long term forward rates (above 12 years) deviated considerably. In detail, forward rates in August were 250

points higher for the 4-Year maturity and more than 100 basis points higher for longer than 12-Year maturities relative to May.

} That is, markets anticipate higher future interest rates levels now than those expected three months ago. Nevertheless, in August we do not observe any

substantial deviation in the one month forward rate curve relative to the corresponding estimated interest rate curve.


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Change (RHS) Forward Rates 31/8/2015 Forward Rates 29/5/2015

8

10year-3year spread Annualized Monthly Volatility Indices

} After recording a historically high negative level in July, the term spread between the 3-Year and 10-Year bond decreased from -803 basis points at the end of July to -148

basis points on 31st August. From a macroeconomic perspective, this development signals an improvement in economic conditions in Greece relative to the previous months.

Nevertheless, the yield curve remains negatively sloped such that short term financing costs are higher than long term financing.

} Annualized volatility indices for the 3-Year and 10-Year bonds jumped upwards in the first half of July and remained at very high levels until the end of the month.

Nevertheless, after the short term EFSM “bridge” loan agreement and the debt repayments to the IMF and ECB, the indices recorded a downward trend stabilizing at lower

volatility levels until the end of August. More specifically, the annualized volatility index for the 3-Year bond reached 115 percentage points by the end of August, 95 points

lower than levels in the previous month. Similarly, the 10-Year volatility index decreased from 119.65 points in July to 40.88 points on 31st August.


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9

} The lowest price in August for the index was 272.51, while the highest price was 330.36.

} The value of the Greek Government Bond Index on August 31 was 20.22% higher than inthe previous month. The index’s average (MoM) return in the same month was 21.7%.

} 41 months of historical data show that the index MoM return at the end of August washigher than 90% of realized past returns. Returns, larger or equal to the level of 20% wereobserved on average only 3 times during a month.

*(Returns with low frequency of occurrence have a smaller probability of being realized in thenear future).


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Index Evolution– August 2015 (Base Date: 9/3/12=100)

Price (LHS) Yield (RHS)0%

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-39 -34 -28 -23 -17 -11 -6 0 5 11 17 22 28 33 39 45 50 56

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MoM Returns (percentage points)

MoM Returns Histogramm

31-AugMembers 22Market Capitalisation (EUR bn.) 35.70Weighted Average Yield 9.04Weighted Average Coupon 3.22Weighted Average Maturity 14.26Weighted Average Duration 9.33

Index Composition– August 2015

10August 2015

Source: Piraeus Bank Research, Bloomberg

NameIssuance Amount

(€ bn)

Amount Outstanding

(€ bn)Currency Coupon Coupon Type

Coupon

Frequency

Next Coupon

PaymentIssuance Date Maturity

Credit Rating (Standard &

Poor's)

Last Price - 31

August

Yield - 31

AugustHellenic Republic Government Bond 2.97 1.79 € 3.000 Stepped Annual 24/2/2016 24/02/2012 24/02/2023 CCC+ 68.1 9.5Hellenic Republic Government Bond 2.97 1.77 € 3.000 Stepped Annual 24/2/2016 25/02/2012 24/02/2024 CCC+ 66.6 9.3Hellenic Republic Government Bond 2.97 1.74 € 3.000 Stepped Annual 24/2/2016 26/02/2012 24/02/2025 CCC+ 65.3 9.1Hellenic Republic Government Bond 2.97 1.50 € 3.000 Stepped Annual 24/2/2016 27/02/2012 24/02/2026 CCC+ 63.8 9.0Hellenic Republic Government Bond 2.97 1.47 € 3.000 Stepped Annual 24/2/2016 28/02/2012 24/02/2027 CCC+ 62.5 8.9Hellenic Republic Government Bond 3.17 1.53 € 3.000 Stepped Annual 24/2/2016 29/02/2012 24/02/2028 CCC+ 61.1 8.9Hellenic Republic Government Bond 3.17 1.50 € 3.000 Stepped Annual 24/2/2016 01/03/2012 24/02/2029 CCC+ 59.8 8.9Hellenic Republic Government Bond 3.17 1.44 € 3.000 Stepped Annual 24/2/2016 02/03/2012 24/02/2030 CCC+ 58.7 8.8Hellenic Republic Government Bond 3.17 1.37 € 3.000 Stepped Annual 24/2/2016 03/03/2012 24/02/2031 CCC+ 57.7 8.8Hellenic Republic Government Bond 3.17 1.37 € 3.000 Stepped Annual 24/2/2016 04/03/2012 24/02/2032 CCC+ 56.8 8.8Hellenic Republic Government Bond 3.17 1.45 € 3.000 Stepped Annual 24/2/2016 05/03/2012 24/02/2033 CCC+ 55.9 8.7Hellenic Republic Government Bond 3.17 1.41 € 3.000 Stepped Annual 24/2/2016 06/03/2012 24/02/2034 CCC+ 55.3 8.7Hellenic Republic Government Bond 3.17 1.44 € 3.000 Stepped Annual 24/2/2016 07/03/2012 24/02/2035 CCC+ 54.8 8.6Hellenic Republic Government Bond 3.17 1.51 € 3.000 Stepped Annual 24/2/2016 08/03/2012 24/02/2036 CCC+ 54.3 8.6Hellenic Republic Government Bond 3.17 1.40 € 3.000 Stepped Annual 24/2/2016 09/03/2012 24/02/2037 CCC+ 53.8 8.5Hellenic Republic Government Bond 3.17 1.38 € 3.000 Stepped Annual 24/2/2016 10/03/2012 24/02/2038 CCC+ 53.6 8.5Hellenic Republic Government Bond 3.17 1.34 € 3.000 Stepped Annual 24/2/2016 11/03/2012 24/02/2039 CCC+ 53.6 8.4Hellenic Republic Government Bond 3.17 1.37 € 3.000 Stepped Annual 24/2/2016 12/03/2012 24/02/2040 CCC+ 53.6 8.3Hellenic Republic Government Bond 3.17 1.36 € 3.000 Stepped Annual 24/2/2016 13/03/2012 24/02/2041 CCC+ 53.7 8.2Hellenic Republic Government Bond 3.17 1.43 € 3.000 Stepped Annual 24/2/2016 14/03/2012 24/02/2042 CCC+ 53.7 8.1Hellenic Republic Government Bond 4.03 4.03 € 4.750 Fixed Annual 17/04/2016 10/04/2014 17/04/2019 CCC+ 83.9 10.3Hellenic Republic Government Bond 2.09 2.09 € 3.375 Fixed Annual 17/07/2016 10/07/2014 17/07/2017 CCC+ 88.0 10.8

11

} The lowest price in August for the index was 109.05 while the highest price was 111.50.

} The value of the Greek Corporate Bond Index on August 31 had increased by 1.22%compared to the previous month. Moreover, the index’s average (MoM) return in thesame month was 3.28%.

} 31 months of historical data show that the index MoM return at the end of August washigher than 70% of realized past returns. Returns, larger or equal to the level of 1.22%were observed on average 10 times during a month.

*( Returns with low frequency of occurrence have a smaller probability of being realized in thenear future).


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115.0


Price (LHS) Yield (RHS)

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15%

20%

25%

30%

-11.8 -10.2 -8.7 -7.2 -5.7 -4.2 -2.7 -1.2 0.3 1.8 3.3 4.8 6.3 7.8 9.3

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31-AugMembers 15Market Capitalisation (EUR bn) 6.55Weighted Average Yield 7.44Weighted Average Coupon 5.44Weighted Average Maturity 3.03Weighted Average Duration 2.72


12August 2015


NameIssuance Amount (€ mn)

Amount Outstanding

(€ mn)Currency Coupon Coupon Type

Coupon

Frequency

Next Coupon



Poor's)

Last Price - 31

August

Yield - 31

AugustCOCA-COLA HBC FINANCE BV 800.00 800.00 € 2.375 Fixed Annual 18/06/16 06/10/2013 06/18/2020 BBB 104.40 1.37OTE PLC 700.00 700.00 € 7.875 Fixed Semi-Annual 07/02/16 01/29/2013 02/07/2018 B 102.61 6.69HELLENIC PETROLEUM FINAN 500.00 500.00 € 8.000 Fixed Semi-Annual 10/11/15 04/29/2013 05/10/2017 88.82 15.79INTRALOT FINANCE LUXEMBU 325.00 275.60 € 9.750 Fixed Semi-Annual 15/02/16 08/01/2013 08/15/2018 B 103.86 7.58FRIGOGLASS FINANCE BV 250.00 250.00 € 8.250 Fixed Semi-Annual 15/11/15 05/13/2013 05/15/2018 B+ 99.38 8.50COCA-COLA HBC FINANCE BV 600.00 600.00 € 4.250 Fixed Annual 16/11/15 11/09/2009 11/16/2016 BBB 104.50 0.49OTE PLC 900.00 629.45 € 4.625 Fixed Annual 20/05/16 11/14/2006 05/20/2016 B 99.22 5.70TITAN GLOBAL FINANCE PLC 200.00 200.00 € 8.750 Fixed Semi-Annual 19/01/16 12/17/2012 01/19/2017 BB 104.75 5.12PPC FINANCE PLC* 500.00 500.00 € 5.500 Fixed Semi-Annual 01/11/15 04/30/2014 05/01/2019 CCC- 74.71 14.67PPC FINANCE PLC* 200.00 200.00 € 4.750 Fixed Semi-Annual 01/11/15 04/30/2014 05/01/2017 CCC- 79.72 19.62INTRALOT CAPITAL LUX* 250.00 217.90 € 6.000 Fixed Semi-Annual 15/11/15 04/30/2014 05/15/2021 B 88.11 8.69MOTOR OIL FINANCE PLC* 350.00 350.00 € 5.125 Fixed Semi-Annual 15/11/15 05/15/2014 05/15/2019 94.98 6.68TITAN GLOBAL FINANCE PLC* 300.00 297.50 € 4.250 Fixed Semi-Annual 10/01/16 07/03/2014 07/10/2019 BB 94.39 5.90HELLENIC PETROLEUM FINANCE* 325.00 325.00 € 5.250 Fixed Semi-Annual 04/01/16 06/25/2014 07/04/2019 79.50 12.08OTE PLC* 700.00 700.00 € 3.500 Fixed Annual 09/07/16 07/07/2014 07/09/2020 B 88.54 6.32

* 2014 Issues

13


} The value of the Greek Corporate and Financials Bond Index on August 31 had increasedby 0.87% compared to the previous month. The index’s average (MoM) return in thesame month was 4.77%.

} 31 months of historical data show that the index MoM return at the end of August washigher than 63% of realized past returns. Returns, larger or equal to the level of 0.87%were observed on average 15 times during a month.

*( Returns with low frequency of occurrence have smaller probability of being realized in thenear future).


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31-AugMembers 19Market Capitalisation (EUR bn) 8.49Weigthed Average Yield 17.98Weighted Average Coupon 5.18Weighted Average Maturity 2.93Weighted Average Duration 2.64


14August 2015



Amount Outstanding


Coupon

Frequency

Next Coupon



Poor's)

Last Price - 31

August

Yield - 31

AugustCOCA-COLA HBC FINANCE BV 800.00 800.00 € 2.4 Fixed Annual 18/06/16 06/10/2013 06/18/2020 BBB 104.40 1.37OTE PLC 700.00 700.00 € 7.9 Fixed Semi-Annual 07/02/16 01/29/2013 02/07/2018 B 102.61 6.69HELLENIC PETROLEUM FINAN 500.00 500.00 € 8.0 Fixed Semi-Annual 10/11/15 04/29/2013 05/10/2017 88.82 15.79INTRALOT FINANCE LUXEMBU 325.00 275.60 € 9.8 Fixed Semi-Annual 15/02/16 08/01/2013 08/15/2018 B 103.86 7.58SB MINERALS FINANCE/SB I*** 275.00 € Fixed Semi-Annual 07/30/2013 08/15/2020 NRFRIGOGLASS FINANCE BV 250.00 250.00 € 8.3 Fixed Semi-Annual 15/11/15 05/13/2013 05/15/2018 B+ 99.38 8.50COCA-COLA HBC FINANCE BV 600.00 600.00 € 4.3 Fixed Annual 16/11/15 11/09/2009 11/16/2016 BBB 104.50 0.49OTE PLC*** 787.75 € Fixed Annual 02/05/2008 02/12/2015 NROTE PLC 900.00 629.45 € 4.6 Fixed Annual 20/05/16 11/14/2006 05/20/2016 B 99.22 5.70TITAN GLOBAL FINANCE PLC 200.00 200.00 € 8.8 Fixed Semi-Annual 19/01/16 12/17/2012 01/19/2017 BB 104.75 5.12PPC FINANCE PLC* 500.00 500.00 € 5.5 Fixed Semi-Annual 01/11/15 04/30/2014 05/01/2019 CCC- 74.71 14.67PPC FINANCE PLC* 200.00 200.00 € 4.8 Fixed Semi-Annual 01/11/15 04/30/2014 05/01/2017 CCC- 79.72 19.62INTRALOT CAPITAL LUX* 250.00 217.90 € 6.0 Fixed Semi-Annual 15/11/15 04/30/2014 05/15/2021 B 88.11 8.69MOTOR OIL FINANCE PLC* 350.00 350.00 € 5.1 Fixed Semi-Annual 15/11/15 05/15/2014 05/15/2019 94.98 6.68TITAN GLOBAL FINANCE PLC* 300.00 297.50 € 4.3 Fixed Semi-Annual 10/01/16 07/03/2014 07/10/2019 BB 94.39 5.90HELLENIC PETROLEUM FINAN* 325.00 325.00 € 5.3 Fixed Semi-Annual 04/01/16 06/25/2014 07/04/2019 79.50 12.08OTE PLC* 700.00 700.00 € 3.5 Fixed Annual 09/07/16 07/07/2014 07/09/2020 B 88.54 6.32YIOULA GLASSWORKS SA** 146.10 € Fixed Semi-Annual 11/10/2005OTE PLC** 500.00 € Fixed Annual 04/04/2011PIRAEUS GROUP FINANCE* 500.00 500.00 € 5.0 Fixed Annual 27/03/16 03/18/2014 03/27/2017 CCC- 38.22 95.03NBG FINANCE PLC* 750.00 750.00 € 4.4 Fixed Annual 30/04/16 04/17/2014 04/30/2019 47.61 29.66ALPHA CREDIT GROUP PLC* 500.00 400.00 € 3.4 Fixed Annual 17/06/16 06/12/2014 06/17/2017 CCC- 59.50 38.71ERB HELLAS PLC* 500.00 294.79 € 4.3 Fixed Annual 26/06/16 06/19/2014 06/26/2018 CCC- 34.64 54.77

*** 2015 Maturities

* 2014 Issues** 2014 Maturities

15


} The value of the Greek Financials Bond Index on August 31 decreased by 1.45%compared to the previous month. The index’s average (MoM) return in the samemonth was 18.87%.

} 16 months of historical data show that the index MoM return at the end of August washigher than 55% of realized past returns. Returns, larger or equal to the level of -1.45% were observed on average 20 times during a month.

*(Returns with low frequency of occurrence have smaller probability of being realized in thenear future).


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Index Evolution –August 2015 (Base Date: 20/3/14=100)


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31-AugMembers 4Market Capital isation (EUR bn) 1.94Weighted Average Yield 53.00Weighted Average Coupon 4.31Weighted Average Maturity 2.61Weighted Average Duration 2.39

16




Amount Outstanding


Coupon

Frequency

Next Coupon



Poor's)

Last Price - 31

August

Yield - 31

AugustPi raeus Bank 500 500 € 5.000 Fixed Annual 27/03/16 18/03/14 03/27/2017 CCC- 38.22 95.03National Bank of Greece 750 750 € 4.375 Fixed Annual 30/04/16 17/04/14 04/30/2019 47.61 29.66Alpha Bank 500 400 € 3.375 Fixed Annual 17/06/16 12/06/14 06/17/2017 CCC- 59.50 38.71Eurobank 500 294.79 € 4.250 Fixed Annual 26/06/16 19/06/2014 06/26/2018 CCC- 34.64 54.77

In this section, we carry out a financial analysis of the

companies that comprise the Piraeus Bank Greek Corporate

Bond Index.

The portfolio of the companies we examine is the following:

In our presentation we focus on an structural analysis, namely we

examine the financial performance of the companies for the first

half of 2015.

A key tool for assessing the performance of the fundamentals of

the companies is to examine the ratios derived from the

consolidated financial figures.

Our data source is Bloomberg, in line with the calculations of the

examined ratios and the standardisation methods that it adopts.

17

Hellenic Telecommunications Organization (HTO) ΤΙΤΑΝ

Public Power Corporation (PPC) COCA-COLA HBC

Motor Oil Intralot

Hellenic Petroleum (ELPE) Frigoglass

Note: this analysis focuses on companies undertaking different types of activity, whose nature varies to someextent the effect it has on the performance of ratios.

August 2015

Note: group consolidated dataThe figures of the presented ratios are those provided and calculated by Bloomberg.The figures in the graphs refer to H1 2015.Date of data extract: 31/08/2015


August 2015

50.970.0

85.989.0

181.7259.2

285.4

626.9

TITAN

COCA-COLAHBC

HTO

PPC

ELPE

Motor Oil

Intralot

Frigoglass

Total debt/equity (%)

H1 2014

H1 2015

27.7

27.8

29.3

31.3

40.4

53.4

57.1

59.0

TITAN

COCA-COLAHBC

HTO

PPC

ELPE

Motor Oil

Frigoglass

Intralot

Total debt/total assets (%)

33.1

29.3

15.7

11.610.1

9.28.2

7.9

PPC

HTO

TITAN

COCA-COLAHBC

Frigoglass

Intralot

ELPE

Motor Oil

EBITDA margin (%)

18.8

8.2

7.2

6.56.3

6.3

5.6

4.2

PPC

HTO

TITAN

Motor Oil

COCA-COLA HBC

Frigoglass

ELPE

Intralot

Operating margin (%)

4.0

3.9

3.6

3.61.9

1.8

-2.0

-3.2

COCA-COLA HBC

Motor Oil

PPC

TITAN

HTO

ELPE

Frigoglass

Intralot

Net income margin (%)

14.5

11.3

8.6

3.61.7

-11.3

-26.2

-71.6

Motor Oil

COCA-COLA HBC

HTO

TITAN

PPC

ELPE

Intralot

Frigoglass

Return on common equity (%)

4.4

2.9

2.5

1.8

0.6

-2.7

-3.6

-4.6

COCA-COLA HBC

Motor Oil

HTO

TITAN

PPC

ELPE

Frigoglass

Intralot

Return on assets (%)

2.432.09

1.63

1.481.25

0.97

0.82

0.81

Intralot

TITAN

Frigoglass

Motor Oil

PPC

COCA-COLAHBC

ELPE

HTO

Current ratio

2.24

1.02

0.99

0.960.670.65

0.590.32

Intralot

Motor Oil

TITAN

PPC

HTO

ELPE

Frigoglass

COCA-COLAHBC

Quick ratio

8.85

7.07

4.61

3.203.02

1.69

1.50-3.06

HTO

COCA-COLA HBC

PPC

Motor Oil

ELPE

Intralot

TITAN

Frigoglass

CFO/Total liabilities

18

19

Note: group consolidated dataThe figures of the presented ratios are those provided and calculated by Bloomberg.

Date of data extract: 31/08/2015

Source: Piraeus Bank Research, BloombergAugust 2015

1 2 3 4 5 6 7 8Current Ratio Intralot ΤΙΤΑΝ Frigoglass Motor Oil PPC COCA-COLA HBC ELPE HTOQuick Ratio Intralot Motor Oil ΤΙΤΑΝ PPC HTO ELPE Frigoglass COCA-COLA HBCCFO/Total Liabilities HTO COCA-COLA HBC PPC Motor Oil ELPE Intralot ΤΙΤΑΝ FrigoglassTotal Debt/Equity ΤΙΤΑΝ COCA-COLA HBC HTO PPC ELPE Motor Oil Intralot FrigoglassTotal Debt/Total Assets ΤΙΤΑΝ COCA-COLA HBC HTO PPC ELPE Motor Oil Frigoglass IntralotEBITDA Margin PPC HTO ΤΙΤΑΝ COCA-COLA HBC Frigoglass Intralot ELPE Motor OilOperating Margin PPC HTO ΤΙΤΑΝ Motor Oil COCA-COLA HBC Frigoglass ELPE IntralotNet Income Margin COCA-COLA HBC Motor Oil PPC ΤΙΤΑΝ HTO ELPE Frigoglass IntralotReturn on Common Equity Motor Oil COCA-COLA HBC HTO ΤΙΤΑΝ PPC ELPE Intralot FrigoglassReturn on Assets COCA-COLA HBC Motor Oil HTO ΤΙΤΑΝ PPC ELPE Frigoglass Intralot

•In H1 2015, COCA-COLA HBC recorded the highest net profit margin, which is reinforced on an annual basis, with consequent positive impact onprofitability ratios. The picture regarding the level of leverage is satisfactory; however, liquidity is low.•The net income for TITAN has significantly increased on an yoy basis, and as a result the annualised returns on assets and equity are now positive fromnegative in H1 2014.•PPC kept its operating profitability high and its positive annualised net income led returns on assets and equity into positive territory, while the companyrecorded a decline in its leverage level (yoy).•Regarding HTO, liquidity remained at the same levels, with further restriction on leverage and decreases in profitability ratios on an yoy basis.•On the positive side, Motor Oil has strengthened its profitability – so the company now possesses one of the highest positions among businessesregarding the ratios on net income – and its liquidity has improved, although its debt to equity has increased (yoy).•ELPE has significantly improved its profitability (positive net income was recorded in H1 2015), but the level of leverage has worsened on an annual basis,as reflected by the relevant ratios.•The slower slide into the negative territory of the net income of FRIGOGLASS resulted in the moderation of the negative performance of the returns onassets and equity. However, the increase in total liabilities and the decline in equity have led to a further increase in leverage (yoy).

•Despite its good performance with respect to liquidity, INTRALOT has shown worsening negative net profitability and an increasein the leverage level on an annual basis.

• The strengthening of the net profit of Motor Oil led to high ROE and ROA, recordingthe highest level among enterprises. Next is COCA COLA HBC, whose ratios have alsobenefited from the rise in net profit margin (yoy).

•HTO has high levels of ROE and ROA, although the slight decline in the net profitmargin and the leverage ratio pushed downwards the ROE (yoy).

•The ROE and ROA for TITAN are in positive territory from negative (yoy), due to thehigh positive net profitability. The picture is similar for PPC.

•The increase in the leverage ratio and the negative net profit margin worsened theperformance of ROE of ELPE and INTRALOT (yoy).

•Regarding FRIGOGLASS, even though ROE remains highly negative, its magnitude hasdecreased, stemming from the drastic moderation in the negative net profit margin,despite the increase in the leverage ratio (yoy).

20

Note: group consolidated dataDate of data extract: 31/08/2015


DuPont Analysis allows us to examine the structure of the return onequity and its simplified form is as follows:

Return on equity (ROE) = Net profit margin * Asset turnover *Leverage ratio

Additionally, Return on Assets (ROA) = Net profit margin * Assetturnover

¹ based on net income available to common shareholders2 The figures in parentheses following the names of the companies arereferred to ROA.

August 2015

3.2

0.9 0.5 0.4 0.3 1.1 1.60.70.9

5.0 4.6 4.1 1.7

-2.4 -3.0-5.1

5.02.5 3.5 2.0 2.9 4.2 5.7

20.1

14.5 11.3 8.6 3.6 1.7-11.3

-26.2

-71.6

Mot

or O

il

COCA

-CO

LA 3

E

HTO

ΤΙΤΑΝ

PPC

ELPE

Intr

alot

Frig

ocla

ss

DuPont Analysis (H1 2015, annualised)

Asset turnover Net common profit margin¹ (%)

leverage ratio Return on common equity (%)

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21August 2015

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