ΧΡΗΜΑ #410, Μάρτιος 2015

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ΕΠΕΝΔΥΤΙΚΟ & ΟΙΚΟΝΟΜΙΚΟ ΠΕΡΙΟΔΙΚΟ / τ.410 / 3.2015 / 6,00 ΧΡΗΜΑΤΙΣΤΗΡΙΟ Πότε θα δώσει κέρδη το ΧΑ ΤΡΟΦΙΜΑ ΚΑΙ ΠΟΤΑ Επενδύσεις στην καινοτομία, ελπίδες στην εξωστρέφεια ΧΡΗΜΑ www.hrima.gr ΧΡΗΜΑ Κωνσταντίνος Κλοκοτάρας Πρόεδρος της Diversa ΑΕΒΕ Όραμά μου είναι να δραστηριοποιηθώ σε μια κανονική χώρα «Όραμά μου είναι να δραστηριοποιηθώ σε μια κανονική χώρα, όπου θα ευοδώνονται οι προσπάθειές μας που τώρα πάνε χαμένες» δηλώνει ο πρόεδρος της Diversa ΑΕΒΕ, εισηγμένης στην Εναλλακτική Αγορά του χρηματιστηρίου, κ. Κωνσταντίνος Κλοκοτάρας, μιλώντας στο «Χρήμα». Αγροτική οικονομία: Θα κερδηθεί το στοίχημα της ανάπτυξης

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Transcript of ΧΡΗΜΑ #410, Μάρτιος 2015

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    T:210 9984950, :210 9984953 E:[email protected]

    www.ethosmedia.eu www.ethosevents.eu

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  • 8 2015

    . 45

    1 ELA

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    15 ELA

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    29 ELA

  • 9

    10 2015 27 - , - - 16 . - 10 . . , - - 30. . 20-30 . . - . - , - . , -. , , -. - - , ., - - , . - -, , - 7,5 . . -, , 2,6 . , -, 2,4 .

    , 1,4 . , 1,1 . . , , ! - , 2014 0,5-0,6% , 2 . - . - - . - 2014, , , 31,1 ., - 2,6 .., 2 . , - 2015, 13 . . 2 . ; -: , , - , . - , . ; - , , 30 . . - -, . 1,5 . 600 . ., 1,1 . -, , 2,6 . .

    - , , 3,5 . 3,7 . - .

    -GLF

    .

    1.942

    0.110

    15.165

    0

    1.004

    11.389

    0.347

    10.008

    0.140

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    3.194

    1.555

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    -EFSF

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    4.239

    5.274

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  • 10 2015

    , - , - 1,1 . 18. , , - - ., - - . , , - . -, . , . - 18,1%(11 ). - . (, ) 7,2 . .

    : -, . 6,7 . . - .

    , . :

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    2015 ( )

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    2030 , 2014, 2021 2030 - 201,05 . - 291 . - 2015-2030. 2021-2030 114,45 . . , 2015 2020, - , 52,246 . - 37,93 . , 90,17 . . , - 2021-2030 86,6 . 114,4 . . 2015, 5,8. 16,08 .. 2021-2024 - 104,7. - , 66,6 .. 2022 24,4 . .

    2015( . )

    PSI

    0 0,415 0 0,100 0 0,52

    0 0,691 0 0,900 0 1,59

    0 1,416 0,70 0,800 0,200 2,50

    0 0,415 0 0,200 0 0,62

    0 0,691 0 0,400 0 1,09

    0 1,416 0 0,500 0,700 2,62

    3,491 0,415 0,115 0,900 0,200 5,12

    3,188 0 0 0,500 0 3,69

    0 1,416 0 0,100 0,200 1,72

    0 0,415 0,174 0,300 0 0,89

    0 0 0 0,350 0 0,35

    0 1,416 0 0,300 0,100 1,82

    6,68 8,71 0,36 5,35 1,40 22,5

  • 12 2015

    , .

  • 13

    - - - . -, , - . - , - - ( -). , capital controls . 20 . , 2015 - , - 5 . . , , .

    , .

    - , . - sell off smart money, 2012 - . - , - - (QE) . , - - ,

    . - -. Grexident, , capital controls, - , - 500 . - 2014, 8,3 . , - -. hedge funds - . - Capital Group, : Eurobank, , , . - (..

    ( )

    2013 49,6% 2014 49,9% 2014 51,5% 2014 52,9% 2014 54,8% 2014 60,4% 2014 60,6% 2014 60,4% 2014 61,0% 2014 60,9% 2014 61,3% 2014 62,1% 2014 61,5% 2015 61,1% 2015 60,1%

    H

    ( . )

    2013 2.161,9 2014 2.155,6 2014 1.771,7 2014 2.520,8 2014 3.229,3 2014 4.890,3 2014 3.580,1 2014 2.329,1 2014 1.990,6 2014 2.195,3 2014 3.145,4 2014 1.648,5 2014 2.053,6 2015 2.142,2 2015 2.953,1

    ( . )

    2013 60,1 2014 60,8 2014 67,4 2014 70,2 2014 64,5 2014 70,9 2014 79,9 2014 66,5 2014 66,8 2014 61,1 2014 52,4 2014 53,9 2014 45,7 2015 38,3 2015 45,7

  • 14 2015

    , - , ) - 2012, country risk. - -, .

    - . - , - , - , - . , - - , , - .

    MORGAN STANLEY . -, - , , . , Morgan Stanley. , - , , . Morgan Stanley , -

    -. , - , , , . - 88% - 12 , -. - , -, Morgan Stan-ley . -, - -. - , 35%. Morgan Stanley - , , , . , -. , - - . - - (+4%) (-38%).

    NOMURA -

    , , No-mura. - Nomura. - - : ) - , , - , ) , ) - ) - , - . - , - () (). Nomura (), - , . , . - - , - . , , . . Nomura, . ' , , - . - Eurogroup 20 -.

  • 16 2015

    , 11 - 2015. 3,5. , , - . 46,12% - 18 (1.369,56 ), 18 2015, - - , 29 ! , 2014, 82,68%, Eurobank 81,80%, 75,06% Alpha Bank 62,93%, 18 2015. FTSE-25 - MIG (-68,79%), (-60,91%), (-58,82%), (-57,42%), (-54,15%) (-50,00%). - Aegean Airlines (-3,71%), Folli Follie (-8,52%), CocaCola HBC (-12,39%), (-15,30%) Grivalia Properties (-19,89%).

    18/3/2015 18/3/2014

    Alpha Bank 0,278 0,750 -62,93%Coca Cola HBC 16,05 18,32 -12,39%Eurobank 0,091 0,500 -81,80%Folli Follie 24,69 26,99 -8,52%Jumbo 7,80 13,55 -42,44%MIG 0,157 0,503 -68,79%Motor Oil 6,90 10,27 -32,81% 1,63 4,17 -60,91% 4,90 11,90 -58,82% 1,04 4,17 -75,06% 1,75 4,11 -57,42% 4,75 9,50 -50,00% 3,54 7,72 -54,15% 5,35 9,26 -42,22% 8,87 13,75 -35,49% 5,32 7,20 -26,11% 11,40 19,62 -41,90% 7,94 12,20 -34,92% 8,50 12,80 -33,59% 0,355 2,05 -82,68% 2,30 3,76 -38,83% 20,92 24,70 -15,30%Viohalco 2,85 5,12 -44,34%Grivalia Properties 7,61 9,50 -19,89%Aegean Airlines 6,74 7,00 -3,71%

    FTSE-25 2014

    FTSE-25: 82% 2014

    , , . FactSet, 12 , 15 . - FactSet, 54% book value, 200% book value. , -, discount - 2012, , -, Intralot, , , Coca Cola HBC. (p/e)

    ( 2014) 15, discount 20%, . . , - , - . - , . - , . . , , - , , , . , , - - , .

    ,

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  • 18 2015

    . 30 . 13 . . - -

    . , - - , - -

    , -. , - , . -

    2012

    2015

    NPLs

  • 19

    104,2 . , 2013, 200 . . 104,2 . - 30% -. . -, - NPLs . 2014, - . -, - 27 . (25 . ), . 2012 , - 2009 2012 - 87. . 2012, 15. . , - 30 . .

    ELA - 47% , 82,24 . 56,04 . -. , - repo, ELA. ELA - 5,2 . , . , , - , Fitch.

    Barclays - , , :

    -, - , -.

    : - . - , .

    : - 2014 - . - -.

    - . - - -. ELA .

    . , . .

    H - . - - -. - .

    ( . )

    2009 237,5312010 209,6042011 174,2272012 161,4512013 163,251 2014 161,027 2014 160,538 2014 161,022 2014 161,401 2014 162,103 2014 163,062 2014 163,222 2014 164,229 2014 164,748 2014 164,496 2014 164,296 2014 160,285 2015 148,042 2015 135,000

    (*)

    ( . )

    Alpha Bank 3,83 3,75 2,17 1,66Eurobank 1,49 0,202Attica Bank 0,650

    H

  • 20 2015

    - : - . .

    : 2005 - 2005 - 2015 148,042 . , 160,285 . 2014, - 12,24 . ( 7,6%). -, - 10-13 . , 135 . . , - - 2004. 2014 - 2015 30 . .

    42% , - 1 . -, - . 400. . 2014, - 78 .. , 37% . 2015 - 1-1,2 . . NPLs - 5-6 , - . - , -

    - . NPLs - , - , - , NPLs - . 42% - NPLs 90. . NPLs - . NPLs - , , - 2015, . , 2014, ., , 78,5 . 212,1 .. 37%. , - 2009 - 8%, .

    - - 53% 64% - Barclays, . - , - , - distressed - . - - 50% . , - 1,07 2,31 , Alpha Bank 0,34 0,82 , 0,61 1,42 Eurobank0,14 0,39 . Euroxx Securities overweight,

    - Alpha Bank 0,45 ( 0,75 ), Eurobank 0,15 ( 0,35 ), 2 ( 3,10 ) 0,70 ( 1,75 -)., - 2015-2017 30-70%, : ) - - ELA , ) - as-sets, ( ), - . Wood & Co Eurobank hold buy, - buy Alpha Bank , - Alpha 0,45 , 0,80 , 0,60 1,65 , 1,50 2,90 Eurobank 0,14 0,35 . Wood & Company, - - , - - , - - , . Wood & Company - 57% 35% 2016, - . 2015 , -, - .

  • 22 2015

    EUROBANK 2015

    2015 Eurobank, - . 211 . 2014, 192. , 2014 48,8%. , - , , - 164 . , - . 2014 , - . , 524 . , 218 . . Eurobank 29 . , 19,5 . ELA 9,5 . . 2014 -1,218 . , - 2,26 .. 2014 -523 . -741 ., -588 . 2014. 51,88 . : 42,13 . . NPLs - 17,3 ., 6,4 . , 3,7 . -, 4,1 . 3,1 . . coverage ratio 56,3%, .

    2014

    , , Titan America, - - . 30,9 . , 36,1 . 2013. - 1,158 ., 2,7%. 0,15 2011, 2014 51 . . 2014, , 80 . , - 33 . - 2013. . 2014, - 90 . , 136 . 2013. 541 . , 509 . 2013, - - . , - 2009. 2015 - , .

    A E E

    256 . 2014. 63% - 14,9 . . 2014 332 ., 5 . - , - 408 . 163 . -

    133 . . - , . 2014 1.177 . , 1.019 . 2013.

    - 2014,

    , - - . 822,1 . , - 1,8%. - 49,7 . ( 73,7. 2013). 2015, -

    2014 2014 2014

  • H Eurobank Equities :

    1,34 . 2015, - 16% , 2014.

    255 . EBITDA 2015, 40% , 2014.

    4

    73% 30% 2014 . , 4 . 25% 2013, 1,1 . . 2015 - , , , - . -. , o OTE 500 . 2015. - 12,5 buy DeutscheBank . Deutsche Bank 381 . 3,86. . Bank of America/Merrill Lynch, - 11 12 -. . , - -

    : 1) , 2) , 3) , 4) -. , 393 . 2015 420. 2016, - 3,81 3,75 . , .

    COCA COLA C 6,51 . 2014

    5,4% Coca ColaC 2014 277,4 . . 5,3% 6,51. . , 30,4 . , - 11,4%, - 1,51 . , 4,1%. , , , , . , 5,6%, 2013. 0,36 (2013: 0,354 ). Coca Cola , , - 15,6 ( 16 ), - hold. - , . - , - 284 . 2015, 258 . 2014, , 344 . 2016. ,

    23

    - EUR/USD .

    - 2014 . - 56.280.238, 9,15%, - , -

    8,74%, 9,68%, - 12,99% - 9,50%. - 21.300.404 , 18.187.851 (+17,11%).

    30,3 . 1,0258 .

    359 . 2014, 4%. - 15%, , 2014. 217,6 . 31 2014, 179 . 31 - 2013, 31 . - 2014.

    2014 2014 2014

  • 24 2015

    0,6 , .

    JUMBO 6,27%

    Jumbo - 2014-2015, 6,27% 62,67 . . - 7,70%, 341,13 . . Jumbo . -, -: , . +4% +6% , . 14 - Jumbo HSBC, - overweight, . , - discount 50% . Jumbo, HSBC 107 . 2015, 123 . 2016 133 . 2017. 583, 637 692 . . top picks Eurobank Equities - Jumbo. - 13,3 buy . Jumbo 2017 1,6 - 100 . . 12,5 - Jumbo Euroxx overweight. 2014-2015, Jumbo 110 . 593 . , Euroxx.

    - 2014 , . 365 . 2014, 269. . - -, 227 ., 98 . 2013. , , , 484 . . , , 50% - 2009.

    , 64,9 .

    2014, , 64,9 . . EBITDA , 253,9 . , 225,3 . . 1.233. , 1.403 . 2013, . , (EBITDA) 253,9 . , 225,3 . 2013,

    2014. 2008, 297,5. , 5,2%. 13%, 16,1 . . , - 4,3 . , 10 . , 45 . . -

    , 11 . , 50 .

    AUTOHELLAS - - - Autohellas 2014. - 6,4%, -

    161,1 . . 16,1 . , - 148,1%. - 0,80 .

    FRIGOGLASS Frigoglass 2014. , - 56,5

    2014 2014 2014

  • 25

    EPC. , - , 64,9 . , 15,9 . . & - . -, 470,8 ., 435,9 . 2013. , , - , - . . , - , -EPC. 2014 - 370 . - 2.500 . AlphaFinance buy - 10 . - , , - . , - .

    Alpha Bank 2014

    Alpha Bank 2014,

    49% , 1,05 . , -, . - 329,7 . , , 2,922 . 2013., , , - 7,652 . . - 2,391 . , 2,087 . 2013. 62% 2014, 54% , . - 1 (CET1) 13,1%. - , 14,8 . 2014 22,4 . 2015. 116% 2014, 122% - . 260 . , 116 . -. 33,0% 2014, 0,8 . . 12,8 . , , 21% . , - 200 , 62% -. 1.938,5 . , - 16,2% , - . - 2,7% -. 2.391,5 . , - 13,6% . 1.853,2 . .

    . , 30,7 . 2013, (EBITDA), 62,9 . . - , 487 . , 522,5 . , 6,8%. 2014, - 6,2 . - 2013.

    , 10% , - , - 34%, .

    EBZ 39,7 . , 14,4 . , 90,6., 7,84%

    , 2014-2015. - 1 2014 31 2014, 40.573,16 ., 35,67% . - 31.653,92 . , - 19.123,07 . .

    2014 2014 2014

  • 26 2015

    1,044 . 2014

    1,97 . 2014 , . 2014, 332 . , 2,3 . CommonEquity Tier-1 11,2%. 280 . , 2% 32% 2013, - ( -). , - 1.044 . . - 513 . , 8% 1% . - 559 . . 90 - 38,8%, 39,0% 2014. 2014 - 0,6 . . O - 57,4%, - 2013 (50,6%). 2014, 3,7 . .

    17,14 . 2014

    2014

    248,44 . , 236,59 . 2013, 5,01%, , - . . 35,79% , - 5,1%, 88,93 ., -. , , . , - , . 10,40%, 17,14 . , 15,53 ., 6,90% 6,56% 2013. , . - Astrid TM ( 6,4 .) Noxzema Procter & Gamble (8,7 .) 2013, 10,4 ., 9,6 . .

    Attica Group

    56% , , - (EBITDA) Attica Group, MIG. , 2014 42,35

    , 51,2 . , - 2014, 58 . 2013. - , - , . , (EBITDA), - , 2014 18,2 . , 6,7 . , -

    171,8% 5,2. . 2014 16,1 . , 8 . - , 28,5 . 2013.

    CRETA FARMS 9,8% Creta Farms 2014, 104,8 . ,

    95,5 . 2013, 1,3 . 2014, 21,9 . - . - , 25,2%. , - - , ( 15%)

    2014 2014 2014

  • 27

    . , 27,15 2013. 4,27 . ( 10,13 . 2013). 266,66 ., 260,16 2013. Attica Group 4,0 . Blue Star Ithaki, - 1,45 . - Blue Star Patmos . 31 2014, - 23,94 . , 24,89 . 31 - 2013. 2014 282,16. , 270,80 . - 11,36 . -. 31 2014 339,82 . 1,77 .

    86,9. 2014, 5,5 . . , 13 . , 151,1. 2013, - 79,5 . , 154,1 . - , 48,38%. - , brent , 94,80 ./- 30 2014 54,98 ./ 31 . 2014 , - , . (-)

    12.672 . , - . 37,9%, 37,5% 2013.

    0,32

    0,21 . , 0,11 . , , 21 . , 32,3 . 2013, 35%. 2014, , 0,32, 0,49 2013. 47,3 . 2014 81,5 . 2013, - - 45,1 . , 79,9 .. , 2013 39,1 . .

    15%. 46,2 . , 37,0 . , - +24,8% - 44,1%, 38,8% .

    24,9 . (25,6 .), , 1,5 . ( 1,71

    .) 627 . ( 619 .) 2014 - & . - 1,2 ., . 31 2014 - - 22,7 . , - -

    0,02 , 0,017 .

    I 2014 - 2013. 320 . 2014, 755 . . - 57,1%, 6,4 . , 4,1 . 2013.

    2014 2014 2014

  • 28 2015

    ~ -

    O -, , - . Bank of America/Merrill Lynch, Lehman Brothers 542 (!) , . - - - -. 52% 1% . -

    , 7,3. ., , Nestl, - . - , , . - , - -

    , 2009 2014, Saxo Bank. - - Fed, 2009-2011( USD), , 2011-2012 (- EUR), Abe (Abe-nomics) 2012 2014 ( - ). , - , USD -

    I A O A A

  • 29

    , - Fed ( - ) Fed 2006, 2015, - . , 2015, - -, - .

    : Fed - -, , . - , - Fed,

    - - . - , .

    - ; , ( - ) , - . - , - - . BoJ , ; : - - . -

    - , , -. 3 . . , Nicholas Ferres Eastspring Investment. , -. , 12% - - ... , Bank of America/Merrill Lynch. , , -.

    H short . Deutsche Bank -, 1, 85 2017. - - 2017 - 90 . - 2018, Goldman Sachs.

    -, ,

    1 1 , Morgan Stan-ley. - , 0,90 , - . , , .

    Saxo Bank: , , John J. Hardy, Saxo Bank. , - - / , . , , - . - . - .

    / 0,85

  • 30 2015

    T - . - , - -. , , . - -, - . Fed , Fed - . , - . - Phoenix Capital. , - . H - , . . - - . ,

    . - - , .

    UBS: - UBS, -

    . - , , - - . - , UBS, , -. - .

    Citigroup: 30% 31% - 2015 Citigroup. , , . Citigroup, - - :

    - - .

    ... good news story . -

    , - - - .

    , Bank ofAmerica/Merrill Lynch,

    - . , Bank of America/Merrill Lynch, - . - , - ( QE ) , - .

    - , - . , Financial Times, JP Mor-gan Emerging Markets Currency - 73,9 .

    31/12/2014 13/3/2015

    Dow Jones 17.983,07 17.749,31 -1,30%Nasdaq 4.777,44 4.871,76 +1,97%S&P 2.080,35 2053,40 -1,30%DAX-30 9.927,13 11.901,61 +19,89%FTSE-100 6.547,00 6.740,58 +2,96%CAC-40 4.245,54 5.010,46 +18,02%NIKKEI 17.729,84 19.254,25 +8,60%

    2015

    FED ;

  • 31

    , 9,8%, 2014, 104,8 . , 95,5 . 2013. - , 25,2%. , - , 15% 15%. 46,2 . , 37,0. , +24,8%, 44,1%, 38,8% . - , , . EBITDA 10,9 . , 5,8 . , +88,6%, 10,4% 6,1% , 430 . 6,2 . , 774 . . -1,3 . , -21,9 . . 2013 - 14,9 . , - write off . . /DA 9,1, 17,1

    , - -, 2015 1,7. . , , : 2014 , , . -, , ., - , - . , , - . , - , : - , , . , - . - .

    9,8%, - 104,8 . .

    , 6,2 . , 774 . .

    88,6% , , - (EBITDA) -, 10,9 . .

    A E

    . 2014 2013 %

    104.845 95.484 9,8%

    46.201 37.005

    44,1% 38,8%

    , 6.232 774 705,3% ()

    5,9% 0,8%

    , , 10.927 5.795 88,6% (DA)

    BITDA 10,4% 6,1%

    CRETA FARMS

  • 32 2015

  • 33

    - - , Direction Business Reports.

    - , - . , -. 2008, - , . - . 2012 , - -. , 2013, 2014, , - .

    - - 2013, - -

    , 38,1% 2008-2013, 206.500 - . , , - , - , , . -, , - . , , - :

    Z

    ,

    .

    ~

  • 34 2015

    12.180 , 96.587 108.767 , 12,6%. 2008, 2013 0,9%.

    261 , 9.064 9.325, 2,9%. 2008, 2013 19,7%.

    , -, - , , , - . , -

    . , 2010, ., - , .

    -. , - , , -, - , , - .

    60 2013

    / 2013 2012 2013/2012 (%)

    1 UNILEVER HELLAS 451.332.132 475.383.081 -5,06

    2 COCA - COLA 3E 416.000.000 370.400.000 12,31

    3 NESTLE E 407.469.991 434.489.207 -6,22

    4 314.512.108 341.033.558 -7,78

    5 304.918.306 263.699.195 15,63

    6 279.385.000 281.568.000 -0,78

    7 AE 212.812.316 207.798.828 2,41

    8 . 176.562.000 183.261.000 -3,66

    9 171.308.000 173.156.000 -1,07

    10 . 168.638.229 145.194.318 16,15

    11 E 166.364.176 172.002.378 -3,28

    12 161.192.779 175.300.451 -8,05

    13 148.655.638 151.207.266 -1,69

    14 143.334.000 172.988.000 -17,14

    15 ... 131.540.064 128.911.338 2,04

    16 . ABEE 129.010.742 139.474.639 -7,50

    17 . . 126.428.954 121.009.432 4,48

    18 109.016.206 103.030.947 5,81

    19 TASTY FOODS & 105.565.857 106.150.254 -0,55

    20 CHIPITA AB & EE 102.661.000 115.419.000 -11,05

    21 ELBISCO 100.093.000 98.714.000 1,40

    22 99.355.528 97.731.615 1,66

    23 95.014.000 89.097.000 6,64

    24 93.953.493 91.145.029 3,08

    25 AGROINVEST AEBE 93.352.568 85.350.205 9,38

    26 E 92.176.905 84.751.092 8,76

    27 83.066.240 83.558.043 -0,59

    28 HELLENIC QUALITY FOODS 81.002.774 89.989.915 -9,99

    29 E 78.277.944 116.853.680 -33,01

    30 E 76.010.235 62.833.342 20,97

    31 AE 75.797.950 77.714.179 -2,47

    32 74.174.436 81.317.937 -8,78

  • 35

    , , -, - . , - - , - (brand name). , , , , , , - , .

    , - , , , -, - , - , brand name -., ,

    , 2013, 2014, , .

    60 2013 ()

    / 2013 2012 2013/2012 (%)

    33 BARILLA HELLAS A 73.424.904 73.816.558 -0,53

    34 73.228.000 65.836.000 11,23

    35 . & . ABEE 72.370.238 75.684.062 -4,38

    36 72.277.096 62.503.449 15,64

    37 70.788.000 66.271.000 6,82

    38 PEPSICO- 70.000.743 86.295.486 -18,88

    39 69.526.986 74.170.690 -6,26

    40 AE 68.714.713 74.602.258 -7,89

    41 ABEE 68.522.484 66.378.500 3,23

    42 - 68.128.756 57.827.568 17,81

    43 67.991.699 47.137.541 44,24

    44 66.768.056 59.174.388 12,83

    45 64.140.698 67.667.218 -5,21

    46 61.021.340 64.317.740 -5,13

    47 59.337.104 63.726.895 -6,89

    48 " " 55.875.119 54.100.280 3,28

    49 . . 55.326.004 66.345.197 -16,61

    50 HELLENIC CATERING 53.135.199 60.060.517 -11,53

    51 52.478.766 45.015.523 16,58

    52 50.521.679 52.204.142 -3,22

    53 49.420.092 40.653.480 21,56

    54 PERNOD RICARD HELLAS ABEE 46.209.756 48.916.713 -5,53

    55 LITTLE ACRE MILK FARM 45.769.784 35.985.421 27,19

    56 BINGO AE & BE 45.403.451 43.708.114 3,88

    57 & 44.133.850 53.344.680 -17,27

    58 ABEE 43.071.799 45.078.438 -4,45

    59 C.P.W. 42.868.517 53.431.008 -19,77

    60 42.724.005 39.525.422 8,09

    : DIRECTION BUSINESS REPORTS - TA - 2013: , : : UNILEVER HELLAS .

  • 36 2015

    ~

    - , . - , - , , - , , , - .

    - , , , 1/5 - 1/4 - ., , 30% 25% . 2009, - , , , .. - ( 10 ), , (95%) (90%). , - , 23% 2005-2008, 2009-2011 - 2000. , - , . , , - , - . , - brand name. - - , , , -.

    , , .

  • 37

    , , , - . -, , , - - , , . , . 10 , - - , - . , - , - :

    , .

    , .

    , -, .

    -, - 2020.

    - & -

    , , - .

    , - , , -, - . , -, , , - . - . Nestl, KraftFoods, Barilla, Cadbury, Unilever, General Mills, Fries-land Campina, - . - . - , , , , , , , , . , - , , , - . , , -. , , , , - . , - , - .

    , , .

  • Diversa ,

    38 2015

  • 39

    H_ - . ;

    _ Di-versa - , - 1948. 1993, ORA-ORA. - . , service - ,

    , - . - - ORA-ORA franchising. 2010. 52 , Di-versa, , .

    _

    -;

    .._ -, 2013 , - 2014. - . 2014, - , . . - - . .

    , Diversa ,

    , . , . , Diversa

    ORA-ORA ACCIS .

    K

  • 40 2015

    , , . -, .

    _ -;

    .._ -. - . 5 , -, . - - . -, . ,

    , . , . , ., .

    _ , , - - , ;

    .._ Coca Cola . .

    , . , -, -, , , - . . - 1980, - . , , Em-poriki, .. -

    ~

    Diversa 2010, 52 , .

    _ - ; ;

    .._ Diversa - - ( 2010). - . - . , .

  • 41

    , , ;

    _ : . ;

    .._ - , - capitalcontrols . , . , , , -. , 2012, . , , -. . - -. . 2014, - .

    _ , 50% - , , . ;

    .._ - . , , -, , , -, , , .. : 45% - , . 1.700%!

    _ - . ;

    .._ . - , . - , - .

    Diversa . .

    ,

    _ - , - , ;

    .._ - . - - , - . - , - .

    , , .

  • 42 2015

    , -, , -

    , - . - - ,

    , , - ,

    . 1.1.2015 (), - - , .

    /

    : 20 .

    ~

    O

    1

    3 , , ()

    5

    15

    top 10

  • 43

  • 44 2015

    ~

    -, . , , , , , , .. . (2015-2020) 20 . - 7. 14 . (2 - . ), 6 .. 6 . , . , , , , - . 2015 30% 2019. - 2015 - 2014 , . - , - , - . : , 25% -, 440 . . , 47% 850 . , -

    , 28% 470 . . 25%, - 25% - (2%). , - 5% - , . 9% : , , , , , , , , , . - . 1.250 ( 350.000 ) - . , , : 100 , - 5%, 150 , -. ( ), 2 . , 2014-2020 ( ) , - 4,5 . , , 6. . 30%

    13 , , - , .

    20 . , 2 . , 6 .

  • 45

    - ; - , :

    1 2013 2014 2014 2015 2019 1

    2015 . , 2014 100 200, 2015 . 2019 -. , : 2015, (). , - . , - , , , - . 2015, , . (-, ) - () : ( ) 2014 15% 2015. -. () - 2015 2019 (42 , 25 , 50 ) 5 - .

    2

    . . . - . 40 , 25% 40 .

    3 2013 2014 2014 2013

    , 2, . 100 2 -, 75% . 2 ., 150, 2 - 5% - .

    20 .

  • 46 2015

    ~

    - , 55% 2. , - 30%. , 9%, , - 25% -, 2% . , 15.000 . - 3% , 5% - (.. -) .

    ;

    : , -... - , , ( ), . - -- 2010 94% ! , 32.693. , 37.324 . (25% ) , - 87,6% . - 4.631 . , , , - . , .

    . , - 99%, -, , 82%, - (32%) (171 %). , , , - . 151% . , , 1.000.000 , , . 1957 (!) , 38290 -. , 1970 - 1984! -, . , , -. , - 9 . , 6 . . , - 167%, 63%. (128%). , - 14,3% , 320.000 . , 39%. 82%, - , ( 133,45%) , - . , ( ) ( ) 50.000 , ( 274,8%) . , , 92%.

  • 47

    - , , 76,11%, - , , 56% , - (13%) (94%). , -, 85% 91% . , 2011 2134%! , -, 125,6%, 160.000 . (120.000), 221,3%! - , 147% , 80%. . 35% , 15%, 16% 24%. , . . , 15.000 , 300 , - ( 33 36), , , 3.000 , - . .

    2014 3,8%, 4.590 . 4.769,7 . 2013. , - , , - 2015. 2015, (+301,3%), . - , - , . , , - 29% (- ). 1/3 100 , - . - 43 12 , - 19 15 , 23 15 22 14. - . -

    2014

    (. ) ()

    418,1 82.622,8

    346,0 131.637,9

    324,5 56.166,2

    308,7 236.172,3

    , , 257,2 253.868,2

    237,1 67.035,3

    151,3 31.670,7

  • 48 2015

    ~

    42% 2013, 13%, 9% 3% . 100 - . - 15 , , , , , . - -, , . - , 30% - . - :

    1 , .

    3 , , ().

    5 15 - .

    top 10 , .

    100 - - - , , .

    H

    - , - ( 4,8 , 14,3 27 9.266,8, 27 25.450,2 ), -

    - . , - , (), , -, , (, , , ..). , (20,4% - ) . , - - , . - , , - , - . - ( , -, ..), - . - ( - 3% 80% ), - , , - , . , -, /, , - . - & .

    2014-2020

    13,866 . 2014-2020 14,703

    . 2007-2013.

    3,729 . , 3,963

    . .

    300 . .

  • 49

    :

    , - , - , , . 560.000 3,4. 21 . 240.000 2,7 . -, 35 . . , - , , , , 600 . , 13%, - , 21%.

    4 , -, , -. - 315 . , 150 . . -, -

    , - , . :

    ,

    -

    ()

    ( ) - .

    , , - 12 .

    - 315 . - , 150 . .

  • 50 2015

    , , -

    . , , , .. facility manage-ment (Facility Man-agement) . , facilitator, -. , . facilities management - . facility management -

    - , - . , - , , -

    . - . facility man-agement - , . facility management - , . , - , , , ..

    K

    facility management , 1,3 . ,

    insourced , 2 .

    100.000 .

    ~

    FACILITY MANAGEMENT

    2 .

    100 .

  • 51

  • 52 2015

    ~

    Facility anagement

    FACILITY MANAGEMENT

    facility management , , 1,3 . - , , , cater-ing (reception, mailroom, , ..), totalfacility management, insourced, 2 . . , real estate . 2014 2013. facility management, ( ,, ), (single serv-ices), 30. 6-7 10.000 -. , single services, - , 100 . , - , outsourcing - , , , .. , - - , . , , , . , (HFMA) - 22 : Facility Management AE, All ExpertsAE, Alter Ego , COFELY Hellas AE, - , Services , , Easy Facility, Facility Plus-Ecoblue, Globe Williams HellasFacility Management , Facility Management Services, Final Sup-port OE, Inmaint, ISS Facility Services SA, J&P ABA, Johnson Con-trols Hellas SA, MBM, Manifest, PLM Hellas , Redex , Sarp Facility Management , SPIEHellas AE. , - , -/ facility management, facility management :

    , -.

    , , ,

    , , - .

    - - ( ), facility management , .

    -, , facility management.

    - facility management -.

    - facility management.

    - facility management, .

    - :

    , , -

    , ,

    facilitymanagement

    Global FacilityManagement Association (Global FM) European Facility Man-agement Network (EuroFM), facility management, .

    facility management ,

  • 53

    facility management , , : ) facility management ) .

    :

    ( /)

    :

    -

    -

    :

    ( -)

    ( )

    -

    :

    -

    (ownership)

    ( )

    :

    ,

    -

    -

    :

    (/, , -/ ..)

    -

    .

    FACILITY MANAGEMENT

  • 54 2015

    .

    10% 2013, 2012, 2014 .

    O , . ( , ..) , - . . , , , - (facility management). . , , 10-15 -

  • 55

    outsourcing( ). ICAPGroup, , : ( ) - 2007-2010, . 2011, . -, 2011 8,1%, 2012 13% 2013 - 10%. , 2014 ( 5,5%). - ( , ..) - . - 64% 36%. , , , - . ,

    . 45 ( 65% - 2013) 65% 2013 , 11,5% 23,5% . , - . , 2012-2013. , - 32 , : 2013 2012 (-0,9%), 5,7%. , ( 3,6%) - (-4,2%). - 8,9% 2013/2012, - ( 1,5%). (, ) ( ) 18,3%. EBITDA 6,9%.

    2007 2008 2009 2010 2011 2012 2013 2014

    130

    125

    120

    115

    110

    105

    100

    95

    90

    85

    80

    36%

    64%

    ) ( , 2007-2014)

    ) (2013-2014)

    : ICAP Group 2007=100

    ( 64%), (36%) .

    65% 45 , 11,5%, 23,5% .

  • 56 2015

    .

    . - . -; , ; - , , , . . - . - . , , .

    . , : - , . , -, , - . - . , . , , , - , , ,, , - , - , . -.

    A

    ~

    Y I

  • 57

  • 58 2015

    ~

    - , , - , . , , ( ) . , -, . , , , , , .. , -, - , . ,

    . , . . , - , - . , -. , - . , -, -. . , , , .

    - . - -, 100%. , -. , , - , . - , , - , . , , . , - - . , - -, , , - .

    - - , . , - , . - , - .

    . .

  • 59

    - , , , . - , , , . , - , . -, , -, , . , , - . , , -, . . 2014, - . , , , - . , . , . - , .

    - . - , , -, . - , , - .

    ,, , , , -, , . , , , , , . - , , , - , - . .

    - , - :

    Eurolife ERB

    , . - -, , , - , . - - . 200.000 , - 500.000 . , - .

    Interlife

    914 , - . -, , , , . - - . Interlife , .

    ,

    . -- - , , , , .

  • 60 2015

    ~

    - , - . , - , . , - , , - , . , - , - , , .

    Dynamis Professional Liability-

    , .

    Dynamis Contractor's Liability-

    ( - / ) - (.. ). - , - , . , - .

    INTERLIFE

    Interlife :

    & & Super Market & & , , , - , , Fast Food & Self Service , & Camp-ing - - -Security - (Parking) -

    &

    - .

    A E I

  • 61

    AIG AIG , - , - . , , -, , . , -, , , - , , . . , -, , - . , AIG - . -, AIG , - , , - . , . , - AIG 130 . - .

    INTERNATIONAL LIFE Inter-national Life, . - , . Secure Professionals - , , - . - , , , - -. . -, . , Se-

    cure Professionals :

    , .

    .

    -.

    .

    .

    .

    International Life , , - , , - .

    EUROLIFE ERB

    Eurolife ERB , . . - . - , - , , , ., Business Care , , , 1.000.000 , , .

    Business Care :

    :

    - (, , , ).

    - .

    -.

    , :

    ,

  • 62 2015

    ~

    , , , , , -, , , ..

    Eurolife ERB Repair:

    24 24, 365 .

    , , .

    :

    , ( ).

    .

    , , , , , - ..

    .

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    :

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    , , .

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    . , , - .

    , . -

  • 63

    - , - . - - . :

    (, , -, ..)

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    :

    200 .., , - 30 . - , - ( ). ,, , , , -.

    200 .. .

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    , , , , .

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    - - (, , ..) / . , , -, (, , - ..) , - .

  • 64 2015

  • 65

    , ,

    .

    ~

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  • 66 2015

    ~

    , , . - .

    , - . , -, . , - . , - , , , - . , - , . ( -) , , . - , - . , , , , - , , .

    - , -

    . - , ,, . -: - - , - . , -, -, , .

    . - . , - . ,

  • 67

    , - , . . 25 -, , Unit Linked, .

    . , - - . . -, , . - . - - - . , - , - , . . .

    : - Unit Linked. -

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    . , - - , . , - . , , - , .

    . . . , , .

  • 68 2015

    ~

    EUROLIFE ERB

    Eurolife ERB 2014 - . , , . Eurolife ERB -, - . , - - , , , , . - ., - , - . EurolifeERB - . -, . , 40 , Kid Euro-life ERB, 3 15 10.000 , - 432 5% 620 - .

    : - , , . - ( , - , ), , . -

    , , - , - , . , - - , , . , - , . , , - - , , , . , - . , - ( ). , .

    : - - (, , ..).

    , - . -, , , . , , - ( ) - 4, 5 10 . , 3%. -, , - . , . - . , , ( 4, 5, 10 , ).

  • 69

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  • 70 2015

    ~

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  • 71

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  • 72 2015

    2014 - - , . 2014 248,44 . , 236,59 . 2013, 5,01%, , - - . . 35,79% , - 5,1%, 88,93 . , - . , 64,21% - , , 4,96%, 159,51. , 6,02%, - . , (EBITDA) 11,18%, 25,64 . , () 13,76%, 22,05 . , 10,40%, 17,14 . , 15,53 . 2013.

    - -, , -, . , - . , . - Astrid TM ( 6,4 . ), Noxzema Procter & Gam-ble ( 8,7 . ) - 2013 ( 10,4 . ), 9,6 . . - - . , , - , - . - - , -. , , 12 2015, - 2014, 0,15 .

    SARANTIS GROUP

    2014, , 2015.

    SARANTIS GROUP 12

  • 73

    , , 1990. 6 . , - 5.500 .. ( 1.000 ..), , 14.000 PL , , , , - , , . - - 214 , 13 , 350 parking, -.

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    , (2011-2013) 300-350 .

  • 74 M 2015

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  • 75

    , - . . , , , Carlsberg 51% 49%, -, . Lars Lehmann, . . . . . -, 2,2 . , 14 , 7 , 2.000 , - -, 60 . , - . , , (2015-2019) , 50 . . - -, marketing . , 95 . , 2010-2014 , - . , -, - . Mythos FIX Hellas, , - , 40 5 .

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  • 76 M 2015

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  • 77

    8,4%, . - .

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  • 78 2015

    03-2

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    SPACE HELLAS 2014 5,1% Space Hellas 2014 43,1. , 41 . 2013. 12,4 . 2014, 13,2. 2013, EBITDA, 4,1 . 2014, 4 . 2013. 416 . 2014, 689 . 2013, 749 . 2014, 31 . 2013. EBITDA - 18,9 . 2014, 20,1 . 2013 , 15 . 2014, 19,2 . 2013, 4,2 . . , 4 . , , , 3,8 . 2014, 0,8 . 2013, 2015. , 40,9 . 2014, 38,7 . 2013, , EBITDA, 4,1 . 2014, 3,5 . 2013. , 2014 1.963 . , 161. 2013, 2014 2.444 . , -359 . 2013. 2015, , . , .

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  • 79

    2013 2014, , - (rebate claw back) 100 . 4172/2013 ( 167), 1.1.2013.

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  • Lamda Hellix Athens-2: , data center - data center . H data center, , 10 . , - 25 . .

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    80 2015

    03-15

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  • 81

    2014, . . 2014, , - 16,8 . . , , 1,4%. 2014 ( ) - , , - , , , . - - , . - . - 14. 12% . , , Eurogroup (16/2), , - , - . , , . , ( ), - .

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  • 82 2015

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    ISSN 1105-0470