www.hrima.gr

: capital controls

&

/ .

42

0 /

04

.20

16

/

6,0

0

-

-

. 2016

8 . .

,

,

2 20162 2016

... !

.420, 2016

...

, .

, - . . , . , . , - . , - . , , - - - , . , -, - 3,5% , , . - : , .

. , -! : , , ! , . , - . ; ; . , , , -, , , , - , . , ,

Japonica . : , , 2018 . , , - 7 . - , . 7 . (143% , 2014), - . , - , . , , , ...

,

4 2016

10

30

54

70

WOMEN IN BUSINESS

( )

BUSINESS AUTO-MOTO 2015

38

capital controls

5

48

16 ~ :

28 ~ bail-in

68 ~ A A !

, , ,

www.hrima.gr

: capital controls

&

/ .

42

0 /

04

.20

16

/

6,0

0

- . 2016

8 . .

.420/ 04.2016ISSN

1105-0470

,

,

.420/04.2016

Y - . 2016

8 . .

02 ~ : ... !06 ~ : 80 ~ : . : !

ouzounis.k@ethosmedia.eu

chaldoupis.n@ethosmedia.eu

T kaloumenos.g@ethosmedia.eu

B gerasimou.v@ethosmedia.eu

kypriotis.a@ethosmedia.eu

- louvari.a@ethosmedia.eu

- manologlou.r@ethosmedia.eu

rampidis.k@ethosmedia.eu

boura.l@ethosmedia.eu

ropodi.d@ethosmedia.eu

DIGITAL MARKETING geladaki.s@ethosmedia.eu

- voulgaraki.s@ethosmedia.eu

& K salvarlis.k@ethosmedia.eu

Y lazarakou.n@ethosmedia.eu

Shutterstock

moisis.s@ethosmedia.eu

- - Pressious ....

ISSN 1105-0470

~ - , , .

ETHOS MEDIA S.A. 29, 174 56

T:210 9984950, :210 9984953E:info@hrima.gr

www.ethosmedia.eu www.ethosevents.eu

www.hrima.gr www.insuranceworld.gr

www.virus.com.grwww.asfalizomai.com

www.alivemag.gr

2016

rampidis.k@ethosmedia.eu

6 2016

,

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

. , - 50 . , - - .

~ - -, ( -, -) - 3,5% . , , 17 - ,

~ , - , - : - - , . - 4,5% , - 1-1,5% . , -, - , -

7

3,5% .

~ , , , , , , - - . 1-2% , , , .

~ - , - , - , - , . - 4,5% 3%, . , - , 2014, - , . -.

. , , , , , , . , , -. , , , , , 3% 2018. , . , , - : , , , , -

, . . , 20 , - , , .

, - , - , - . , . , , . , , 3,5%, . , , -

, , , .

8 2016

- , , , - , : , 5,4 . (3% ), , , 1,5% , - . , -, , , , , 3,5% 2018. , - 2018

, -, , . , . , 0,3% (- 3,2% 3,5%) 0,3%. , , , , - , . , :

~ , - , . . - - , , , - , - 2022. , - , , . , -

- , - , - , - , .

~ , - , - , . - , , . , - .

, , , - . : , , , . - . . , , , - . - , , 2018 , , ...

. , .

, , : .

9

10 2016

- , . , , 15 -, EFSF , , - . , 11 - , :

~ --, - , , , . ,

,

.

.

11

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

~ -; 15 . - EFSF - 19% . , . , , , - , ELA.

, , -

, - , . , , - HSBC, . H HSBC - MSCI Emerging Markets, 0,4%. , HSBC 12 -1,3%, 15,2%, . (-0,3%), 2017 1,9%. - . , - , .

: Place your bets!

-,

, - . EFSF. , Morgan Stanley EFSF 37 . : 14,2 . , Eurobank 10 ., 9,1 . Alpha 4,3 . . , , EFSF 100% , , 3% . 50% ( ), , , 450 . , Morgan Stanley. 0,6-2,2%. Eurobank Alpha Bank, . 50% (trading), , 0,7%-2,3% (Core Tier I), 12-40 . , Morgan Stanley , , , 11-12%. , , , , -.

, .

12 2016

, IBG - , , , , - , , , waiver - . IBG - ( Alpha 3,88 3,47 , Eurobank 1,94 1,36 , 0,6 0,41 0,48 0,38 ), , , 79% 101%. , , IBG, - 2015 , capital controls , - .

- , , , , . , , discount 60%. -, . , Alpha, -, , - , , , , - . - ,

, - , discount -. Eurobank - , , IBG.

, , - . , 11,7% - 30,58% - , 5,91 . . , , (14,63 . ), - (14,31 . ), - (1,33 . ), - , , (20,96 . ), (1,64 . ) (1,15 . ). , 38,6%, 39% 39,9% . , -. - , , 60,0%, 2016 (59,6%). , 63,3%, 62,3%. , 49,2%, , 59,0% .

15.04.2016 2016

FTSE-25 157,65 -14,01%FTSEM-40 649,26 -20,48%. 1.448,72 -20,61% 2.671,84 5,77% 1.820,78 -3,07%

1.413,30 -15,65% 2.210,16 -8,37% 5.799,45 14,54% 1.496,02 -8,48% & 1.233,77 -13,41% 2.160,77 -15,04%

- 6.843,76 -7,22% 44,02 -25,29% 558,3 -2,40% 118,96 40,18% 6.988,54 2,59%

2.449,79 1,23%

13

14 2016

( 14/04)

16 (%) / PE 15 PE '16 PE '17 EV/EBITDA '15 P/BV P/S DY '15

2 ,80 -27,80% 649,6 -3,92 4 ,02 4 ,98 0,11 0,11 -

/ 4 ,81 -9,20% 314,4 34,79 16,99 15,9 22,61 1,77 8,97 6,65%

7 ,60 -17,70% 3.725,10 15,5 11,46 9 ,74 3 ,55 1,65 0,95 1,32%

6 ,39 -21,10% 1.804,00 8,56 8,46 7 ,95 4 ,43 1,75 0,48 6,26%

6 ,51 -9,30% 338,2 5,74 7,15 7 ,10 0 ,84 0,61 0,51 1,84%

FF GROUP 18,2 5,20% 1.218,50 6,67 6,68 5 ,98 4 ,47 0,77 1,02 -

2 ,61 6,10% 285,3 16,87 9,69 7 ,16 4 ,59 0,83 1,44 3,45%

JUMBO 11,45 18,00% 1.557,90 14,86 13,54 12,66 8,26 1,95 2,67 1,57%

3,23 -12,00% 377,6 7,95 6,93 3 ,79 2 ,82 0,39 0,27 -

9 ,35 -6,00% 1.035,80 5,06 4,88 5,63 4 ,35 1,72 0,15 6,95%

8 ,50 10,10% 295,6 14,94 13,68 12,37 9,12 1,78 1,08 1,88%

AEGEAN 8,13 19,00% 580,6 8,49 7,78 7 ,72 3 ,23 2,62 0,59 8,61%

1 ,07 -26,20% 189,4 9,17 8,63 4 ,36 0,24 0,12 -

1 ,61 5,90% 166,1 - 3,16 4,19 2 ,54 0,47 0,17 -

4 ,32 -13,60% 460,1 10,54 9,45 9,03 2 ,30 0,48 1,42 2,89%

3 ,09 3,00% 112,2 8,32 10,01 9 ,93 2 ,96 0,74 1,54 4,05%

GRIVALIA 7 ,44 0,90% 753,4 12,16 10,96 10,65 8,24 0,86 13,07 4,21%

11,85 -14,60% 296,3 36,11 26,69 16,46 12,26 1,7 2,97 0,30%

2,7 -10,00% 137,7 544,19 17,67 12,16 7,33 0,87 0,33 -

3,41 -15,60% 1.042,20 22,32 4,05 3,89 3 ,37 0,62 0,14 -

COCA COLA 18,21 -8,00% 6.703,90 23,92 20,84 19,1 9,56 2,26 1,06 2,20%

FRIGOGLASS 0 ,29 -84,70% 14,7 - - - 7,21 -0,31 0,03 -

17,48 -0,70% 1.423,90 42,19 14,68 11,32 6,9 0,9 1,02 1,72%

/ 0 ,76 -25,10% 94,9 12,23 8,32 6,45 6,23 0,63 0,32 -

RALOT 1 ,00 -14,50% 159 2,83 1,23 0,08 -

4 -6,80% 88,3 13,11 9,71 7,61 3,39 1,05 0,32 2,00%

0,66 0,90% 54,6 7,93 4,09 3,7 4,33 0,75 1,36

Universe ex banks

20,38 12,96 11,6 6,46 1,57 1,46 2,40%

T

'16 (%) / PE '14 PE '15 PE '16 P/BV DY '14 DY '15

0,181 -34,90% 1.580,70 - - - 0,24 - -ALPHA 1 ,720 -30,90% 2.643,40 - - 4,43 0,31 - - 0,223 -35,00% 2.039,80 32,36 - 377,74 0,26 - -EUROBANK 0,632 -39,20% 1.381,60 - - 34,11 0,27 - -

: Beta

15

16 2016

2008 , - . 2015 , - . , 2015, , , , - 2016. 65,98 . , 4,7%. 4,3% (14,5 . , 14,1 . ) ( 21 ) (-5,7%). : - 15% , -

... -, ( ) : Inform Lycos, Intracom, MIG, - .. , - 8% 6% , . (7,4 . ), +14,7%, 39,7%. , - (+45%), - . , - 330% (+41 . ), - , .

191 , 11,3%, , - (+299 ), 9,5%. , , - 186 .

:

- , . 7,5 . , - . - (-8,2 . ), . - . , -

2015

: , , .

.

, Beta

17

, . , 8,2 . , - 10 . , 66%. , . , , - , .

, - 676 . , 353%. , - , 217 . , 489 . 2014. , - 1,03%, 0,2% 2014. -, 21 FTSE-25 1,2 . (+53,7%), - - . , -, 10% , , . , FTSE-25 71% 80% - , . / , - 12 - . , 60:40 (43% , 42% -). , ,

(Druckfarben, , Spider, , Microland, Altec), . , - . , - , .

- -, - :

~ : , (, -, , ).

~ : , .

~ /: ,

, - , . , , - - .

~ : , , - 220 . .

~ : -, - , . POS, - .

~ : - , , , , .

~ : , - . , 26% 29% - (, , , ..).

~ /: -, - , - - . , 352 . .

8,2 . 10 . , 66%.

18 2016

25 - 2015, 590 . . (2013: 509 . ), 2014 (717 . ). . - 2016, , , -.

- : , FF Group, , Motor Oil, Jumbo ( ), , . 2015 . . Motor Oil, , , MLS . -- FF Group. - OTE, -, Grivalia Properties, , , , . - , , , : , , Profile, , , AS Company, , , , Paperpack Autohellas. - ,

, . - Info-Quest Aegean. - , Frigoglass, , , Intracom .

2016

, . - , . - , , , 2016. , , , - . , - - . , , , - . , 2015 - . - , - - . , . -

2015. : . - , . , . , . , . , . - . , 2016 : - , , , , -, . -, - , - , . -, , Alpha Bank - , . - Jumbo, , Folli Follie . , , , , Aegean, , .

19

20 2016

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

ALPHA 1.931.715 0,6% 963.201 19,5% -1.259.928 -299,9% 9.015.106 17,8% - 2.735.648.536

90.496 0,7% 117.594 -3,1% -346.824 -595,2% 678.777 92,0% - 285.401.114

1.725.726 80,2% 1.203.331 53,4% 1.162.849 77,7% 815.444 0,0% 0,6720 184.743.440

1.905.000 -4,7% 1.972.000 -4,5% -4.227.000 -6504,5% 9.099.000 -5,3% - 2.222.757.821

EUROBANK 1.463.000 -0,5% 1.762.000 -1,9% -1.181.000 3,1% 6.420.000 15,5% - 1.624.197.082

842.000 -13,1% 1.040.000 -11,0% -438.000 -67,8% 3.055.000 -11,8% - 1.356.287.569

1.941.338 -3,1% 961.314 -7,6% -1.895.996 3,8% 9.907.644 37,4% - 1.790.302.572

9.899.275 5,2% 8.019.440 3,1% -8.185.899 -164,4% 38.990.971 12,5% 10.199.338.135

-

11.212 10,0% 79.683 13,8% 0,0600 39.880.332

EUROBROKERS -1.076 -6,1% -4.584 -30,9% - 54.000

10.136 10,5% 75.099 12,9% 39.934.332

-1.913 31,1% 10.991 -14,8% - 6.919.182

-1.054 32,8% 8.266 -11,3% - 4.940.303

-2.967 31,7% 19.257 -13,4% 11.859.485

. & TRASTOR 4.178 -1,7% -9.485 -1232,2% -9.382 -763,9% 63.405 -12,9% 46.655.004

3.823.125

GRIVALIA 57.646 13,8% 69.053 40,9% 61.973 24,0% 879.804 3,0% 0,3100 764.513.000

LAMDA DEVELOPMENT 44.037 -0,5% 8.666 197,3% -22.060 5,9% 360.773 -6,9% - 308.523.269

110.861 19,1% 64.773 -65,3% 42.762 -75,9% 1.193.708 -5,2% 0,2035 998.983.628

ALPHA 13.525 0,9% 6.125 14,2% 4.062 2,9% 133.901 3,1% 63.840.000

10.314.720

717 -14,3% 383 1565,2% -103 78,2% 20.507 -16,2% - 28.130.975

16 -15,8% -789 29,9% -1.518 -8,1% 6.282 -19,5% - 2.917.809

PASAL 3.440 -13,5% -21.732 -2637,0% -24.341 -295,7% -17.291 -346,9% - 1.631.505

REDS 6.318 12,0% 5.445 254,7% 2.020 330,9% 95.016 2,2% - 17.632.509

240.738 11,4% 122.439 -47,0% 53.413 -73,0% 2.736.106 -3,5% 2.246.965.545

& ALBIO 81.405 9,8% 2.603 2182,4% -4.303 40,5% 34.140 -10,1% - 10.865.885

127.795 -12,2% -19.163 -167,0% -38.304 8,3% -201.973 -23,7% - 182.302

377.102 -29,6% 23.012 -77,3% -9.891 -148,3% 256.459 -1,8% - 45.095.813

MIG 1.206.354 -0,4% 130.123 99,9% -113.172 34,4% 393.894 -21,3% - 135.271.524

3.274.735 11,3% 193.753 62,0% -59.993 -1,0% 1.174.763 -5,5% 274.741.147

4.933 -25,3% 323 -66,9% -880 -345,8% 2.678 -26,4% - 12.735.840

35.035 -25,9% 14.958 -42,5% 9.038 -57,0% 177.900 -6,0% 0,3200 323.574.387

38.046 -11,0% 1.941 -8,4% 1.019 -18,5% 16.546 4,9% 5.111.856

0 - -428 30,6% -8.402 -46,4% -126.540 -7,1% - 2.315.887

12.598 -3,0% 456 256,2% -830 61,9% -2.313 -66,6% - 1.008.647

49.072 -28,6% 491 41,5% -8.147 25,9% 13.034 -38,7% - 3.152.636

1.386.877 11,8% 230.838 -9,5% 47.548 -26,7% 964.358 6,0% 389.329.820

2.932.984

1.414.709

3.597 -54,5% 12.870 449,0% 3.767 132,3% -22.143 30,4% - 1.021.680

414.442 0,3% 32.608 25,9% 253 102,2% 157.614 -0,5% - 145.328.118

7.011.991 3,9% 624.385 6,8% -182.297 15,2% 2.838.417 -6,2% 1.354.083.234

3.902.900 -0,4% 1.220.500 -11,9% 151.900 -43,2% 2.257.000 6,4% 0,1000 3.700.635.437

FORTHNET 349.735 -6,7% 48.225 -18,8% -49.275 -16,3% -161.071 -43,5% - 33.249.350

4.252.635 -0,9% 1.268.725 -12,2% 102.625 -54,4% 2.095.929 4,3% 3.733.884.787

21

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

- 7.302.939 -23,0% 442.023 607,6% 46.684 112,8% 1.684.316 4,1% - 1.103.343.018

7.060.215 -22,0% 490.897 876,9% 204.814 345,9% 602.343 46,2% 0,6500 1.028.066.054

1.029.083 6,6% 12.323 46,5% 3.663 204,5% 49.060 8,1% 18.585.941

REVOIL 656.254 -10,6% 8.885 14,5% -3.044 -10,6% 14.031 -0,3% 7.062.760

16.048.491 -20,7% 954.128 4718,7% 252.117 156,0% 2.349.750 12,4% 2.157.057.774

40.058 26,6% 28.070 34,3% 6.877 56,2% 117.445 6,3% 55.552.224

5.735.656 -2,2% 828.420 -19,0% -102.518 -212,2% 5.911.464 -3,6% - 684.400.000

198.608 25,5% 99.312 34,1% 16.913 204,7% 341.875 2,0% 0,0900 297.335.168

5.974.322 -1,3% 955.802 -14,4% -78.728 -177,7% 6.253.339 -3,3% 981.735.168

73.048 -0,9% 25.338 4,5% 13.485 0,8% 150.668 3,4% 0,1250 113.982.000

324.268 -0,6% 83.731 -4,4% 43.657 4,1% 966.940 5,0% 0,2100 453.690.000

397.316 -0,7% 109.069 -2,5% 57.142 3,3% 1.117.608 4,7% 567.672.000

-

AEGEAN 982.963 7,8% 111.214 -6,4% 68.394 -14,8% 221.974 2,5% 0,7000 599.903.640

LINES 159.845 -5,7% 29.581 192,9% 559 103,1% -12.835 7,0% - 17.160.784

277.625 4,1% 80.701 90,6% 33.182 677,1% 376.228 10,7% 139.528.713

172.432 2,5% 36.049 78,9% 17.696 22300,0% 259.565 7,3% 246.054.115

/ 17.882.172

72 -98,0% -88 -104,7% -267 -451,3% -2.957 29,3% - 40.040.743

1.592.937 4,8% 257.457 33,2% 119.564 78,8% 844.932 7,7% 1.020.529.424

12.828 -3,5% -69 87,6% -2.842 30,8% -9.020 -40,6% - 475.843

LTEC 26.532 17,5% -3.897 -455,6% -12.302 -266,8% -88.114 -16,6% 2.582.957

22.654 -22,4% 153 -94,6% -1.066 -193,7% 14.468 -6,8% - 4.349.402

2.557 1,8% 972 655,4% -254 84,5% 3.589 -16,5% 4.950.000

RALOT 1.914.885 3,3% 177.202 1,0% -65.148 -31,5% 129.563 -40,4% - 166.909.807

COMPUCON 1.373 1,5% 301 214,9% -194 83,0% -4.056 -0,6% - 14.692

QUALITY & RELIABILITY 7.605 18,4% -1.138 -196,3% -1.490 -411,1% 5.349 -21,7% - 8.750.438

2.076 1,2% 746 -5,7% 8 105,6% 6.616 -0,1% 2.033.460

INFORM 68.864 -43,7% 2.470 -75,9% -1.675 -186,5% 52.538 -32,6% - 10.227.452

MLS 21.403 48,9% 5.027 -9,8% 2.022 19,9% 22.588 7,0% 38.989.380

PROFILE 9.409 -2,5% 2.841 -1,4% 919 4,3% 16.798 6,2% 4.961.121

PC SYSTEMS 1.361 -54,8% -1.795 20,2% -5.004 -6,5% -26.313 -23,5% - 245.678

SPACE HELLAS 54.889 27,3% 4.363 7,7% 827 8,1% 12.959 -4,8% 6.101.421

2.146.436 1,1% 187.176 -6,8% -86.199 -49,3% 136.966 -49,6% 250.591.652

- EKT 43.209 -14,9% 1.688 -38,7% 181 -53,2% 3.575 9,0% - 16.677.000

4.213 -33,2% 2.300 214,0% -3.427 -5,3% 621 -84,7% - 904.922

5.793 -1,0% -735 70,6% -1.623 59,4% 5.328 -24,8% 2.202.046

43.972 -25,4% -6.950 -174,1% -55.059 -67,8% -137.781 -49,4% - 1.087.500

17.557 -3,6% 944 -22,0% -1.537 -27,6% 21.343 -7,3% - 5.755.118

. & 37.026 6,5% 963 141,8% -12.045 18,1% 8.132 -50,8% - 1.966.490

9.071.370

151.770 -13,2% -1.790 66,8% -73.510 -32,2% -98.783 -158,1% 11.037.860

CENTRIC MULTIMEDIA 858.957 -17,4% -821 -125,9% -4.086 -144,8% -41.575 -191,2% - 9.707.885

4.257.317 0,0% 377.103 8,8% 210.719 8,1% 1.161.822 -0,5% 0,4000 1.996.940.000

5.116.274 -3,5% 376.282 7,6% 206.633 6,9% 1.120.247 -7,7% 2.006.647.885

22 2016

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

EUROMEDICA 161.451 -13,4% -11.169 -47,0% -52.432 4,7% -212.832 -33,5% - 218.204

109.273 -6,2% 14.349 -16,3% 10.313 437,9% 94.020 10,2% 31.673.501

158.092 6,2% 3.017 58,2% -15.772 15,0% 58.739 -20,2% - 60.715.186

220.308 1,3% 22.046 86,4% -26.561 -43,0% 118.335 -17,6% - 50.445.852

649.124 -3,0% 28.243 21,3% -84.452 11,3% 58.262 -59,3% 143.052.743

900.000

191.152 11,0% 8.568 2,5% -10.088 6,1% 49.264 -15,6% - 5.922.371

1.932 -25,8% -451 7,2% -742 1,3% 8.506 -7,9% - 4.676.253

96.503 -4,0% 2.212 148,3% -6.929 37,9% -15.980 -75,3% - 3.870.933

296.223 57,4% 26.382 631,2% 7.759 239,7% 149.441 6,9% 104.302.969

13.979 14,9% 272 148,1% -1.263 22,4% -37 -101,9% - 114.300

O 1.230.103 13,9% 51.589 183,2% -32.509 36,5% 82.610 -31,6% - 24.813.509

1.829.892 17,6% 88.572 195,0% -43.772 46,0% 273.804 -14,7% 144.600.336

MEVACO 20.856 8,9% 561 15,9% -1.068 -14,6% 27.163 -4,3% - 9.660.000

668.016 9,6% 116.375 12,0% 68.917 -23,6% 550.457 8,5% 0,1200 336.639.888

SPIDER 232.488

688.872 9,6% 116.936 12,0% 67.849 -24,0% 577.620 7,8% 346.532.376

MHXANHMATA & E KLEEMANN HELLAS 107.047 9,3% 7.752 -18,6% 2.840 -23,0% 79.314 -2,3% 36.891.972

FRIGOGLASS 453.881 -6,8% 52.804 -16,1% -62.086 -9,9% -46.961 -266,7% - 17.151.309

560.928 -4,1% 60.556 -16,5% -59.246 -12,2% 32.353 -70,4% 54.043.281

NEXANS 71.768 -4,3% 1.529 353,6% -940 62,4% 20.416 -4,0% - 20.674.191

479.747 33,5% 37.031 447,1% -1.830 94,0% 84.899 -3,1% 18.407.382

551.515 27,0% 38.560 442,1% -2.770 91,6% 105.315 -3,3% 39.081.573

MH ME

247.164 4,6% 10.686 177,8% -18.426 54,7% 255.073 -6,0% - 87.431.730

36.084 25,0% 8.227 20,2% 2.024 73,9% 31.809 6,3% 28.580.100

45.191 2,8% 15.753 -17,3% 6.472 -15,3% 45.576 -2,1% 57.164.125

13.060 3,5% 1.312 57,3% -201 69,0% 8.505 -2,4% - 2.160.261

MERMEREN COMBINAT 16.307 -14,3% 8.360 -15,2% 4.862 -29,2% 18.007 1,0% 25.262.165

1.397.818 20,7% 216.422 19,2% 33.754 9,1% 1.586.894 5,3% 0,3000 1.470.066.400

1.755.624 17,1% 260.760 27,5% 28.485 439,6% 1.945.865 3,4% 1.495.328.565

-

54.493 7,8% 8.213 61,1% -1.395 25,1% 16.133 -5,0% 42.797.475

LAVIPHARM 26.368 -13,0% 3.937 145,5% -7.074 72,9% -35.849 -37,9% - 5.414.589

273.187 10,0% 28.554 11,3% 18.531 8,1% 166.405 4,2% 0,1600 293.119.378

354.048 7,5% 40.704 84,3% 10.062 193,1% 146.689 -2,6% 341.331.442

AS COMPANY 21.428 11,3% 2.871 -6,9% 1.542 -17,4% 21.223 2,4% - 8.505.661

UNIBIOS 6.609 -19,6% 708 -38,9% -520 -256,2% 10.858 -4,4% - 1.125.167

15.886 -16,1% 603 39,3% -20 -114,9% 13.234 1,7% - 6.388.250

. 23.862 -4,2% 1.665 10,5% 657 4,8% 22.867 0,8% - 8.565.360

DIONIC 47.789 8,8% 2.894 551,8% 3.815 158,4% -1.842 67,8% 538.578

1.587.979

226.434 -17,8% 4.657 -49,5% -6.629 -6,9% 3.982 -63,0% - 5.743.950

94.413 -0,2% 7.244 -11,9% 2.866 -28,9% 64.963 4,8% 16.861.165

23

24 2016

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

( ) 104.815 6,1% 5.722 -9,1% 2.711 -22,4% 47.152 5,8% 24.778.883

FG EUROPE 95.151 30,9% 11.745 397,0% -37 99,0% 17.015 -0,5% - 35.745.704

63.452 17,9% 2.947 223,1% -2.394 34,4% 63.658 -3,6% - 7.410.870

18.083 1,0% 2.743 10,6% 1.755 5,6% 17.760 -0,1% - 13.500.000

O 34.287 -6,9% 1.449 -19,1% -1.234 -91,0% 18.719 -6,2% - 5.688.123

2.020 -0,2% -31 -154,4% -185 -32,1% 12.329 15,4% 3.444.775

MARAC 432 -37,1% -1.628 -27,7% -2.029 -5,4% -9.404 -27,5% - 2.851.052

MEDICON 11.456 3,8% 3.138 19,2% 1.674 139,5% 4.961 50,9% - 1.701.552

(6 2015) 10.232 3,5% 1.362 68,1% 758 229,6% 17.692 1,8% 5.389.000

.. 29.453 -0,7% -1.041 55,9% -6.815 45,0% -10.400 -218,3% - 928.517

YALCO 23.299 -4,6% -370 27,5% -3.817 6,7% -18.367 -25,9% - 738.731

829.101 -1,7% 46.678 25,3% -7.902 70,3% 296.398 -3,3% 151.493.318

- 29.904 1,3% -175 90,5% 3.462 188,6% 13.210 35,4% - 2.179.241

INFO QUEST 353.405 12,2% 24.066 21,2% -1.476 -148,8% 155.758 -1,0% - 47.969.396

271.985 -8,6% 12.389 -52,0% 6.736 -58,3% 84.118 -4,9% 0,0800 88.320.000

CPI (6 2015) 6.485 -6,0% 375 -18,5% 75 27,1% 3.203 2,4% 1.089.825

661.779 2,0% 36.655 -17,2% 8.797 -42,6% 256.289 -0,9% 139.558.462

/ (6 2015) 2.760.000

FF GROUP 1.193.043 19,5% 265.006 18,8% 182.639 29,3% 1.575.968 18,1% 1.205.067.780

33.379 -7,6% 2.018 -16,3% -861 65,7% 54.167 -1,8% - 11.180.943

MICROLAND COMPUTERS 0 - 53 166,3% 53 166,3% -27.844 0,2% - 8.675.264

MODA BAGNO 14.864 -2,4% 1.054 23,6% -1.171 -47,3% 17.353 -7,0% - 2.821.500

JUMBO (6 2015) 371.745 9,0% 105.481 15,1% 72.520 15,7% 866.616 8,7% 1.563.326.631

1.613.031 16,0% 373.612 17,6% 253.180 26,3% 2.486.260 14,2% 2.793.832.118

NEWSPHONE 25.597 -10,5% 3.586 -22,8% 777 -34,4% 25.089 2,8% 0,0830 5.207.576

25.597 -10,5% 3.586 -22,8% 777 -34,4% 25.089 2,8% 5.207.576

(6 2015) 78.227 -13,7% -6.927 72,9% -14.937 62,4% -52.708 -34,2% 2.756.168

29.646 17,3% 4.030 14,4% 527 288,2% 9.793 5,7% 2.050.980

34.008 -5,2% 2.477 -24,9% 695 -54,9% 17.021 3,0% 0,0230 8.375.000

77.304 1,4% 13.292 -4,8% -486 -147,6% 35.714 -1,7% 9.158.345

23.839 -10,8% 202 43,3% -3.247 -2,5% 3.976 -45,0% - 869.276

CRETA FARM 105.496 0,6% 10.639 -2,6% -3.006 -182,0% 17.146 -20,2% - 12.322.640

66.950 -13,2% 7.311 18,1% 3.685 3,3% 40.939 4,8% 52.573.566

104.962 19,3% 9.170 -1,7% 625 -81,4% 88.264 -2,3% - 28.256.352

48.927 -11,3% -14.668 -147,8% -22.777 -69,5% -49.615 -84,9% - 2.225.446

. . 16.216 -15,6% 390 160,0% -751 -13,3% 4.066 -14,2% - 3.048.277

3.272 -21,3% -350 -25,4% -957 -25,3% 1.708 -36,1% - 403.495

588.847 -2,4% 25.566 61,8% -40.629 18,1% 116.304 -28,0% 122.039.546

57.358 -6,3% 6.915 10,7% 2.353 -5,2% 21.918 9,7% 8.447.980

57.358 -6,3% 6.915 10,7% 2.353 -5,2% 21.918 9,7% 8.447.980

3.689 -2,3% -68 -158,6% -835 -13,1% 1.152 -42,3% - 950.712

33.630 -35,8% -4.218 -161,7% -6.043 -305,1% 17.671 -4,6% - 4.762.800

12.760 3,8% -115 86,1% -1.583 39,3% 5.483 -23,7% - 279.000

50.079 -26,9% -4.401 -171,8% -8.461 -2025,9% 24.306 -12,3% 5.992.512

25

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

COCA COLA 6.346.100 -2,5% 766.300 3,3% 280.300 -4,9% 2.819.800 1,2% 0,4000 6.575.003.564

7.361 13,7% 845 60,6% -1.202 30,2% 22.154 -5,1% - 5.847.776

6.353.461 -2,5% 767.145 3,3% 279.098 -4,8% 2.841.954 1,1% 6.580.851.340

& 836.866 14,8% 80.163 8,4% 53.911 -15,7% 349.827 8,9% 8,5000 691.242.000

836.866 14,8% 80.163 8,4% 53.911 -15,7% 349.827 8,9% 691.242.000

& 26.894 -12,8% 4.923 3,2% -2.607 34,9% 146.895 -1,7% - 194.256.000

9.541 4,6% 4.051 55,6% 2.540 952,3% 46.651 -8,2% 40.830.938

(/ /) 29.784 3,0% 6.763 6,0% 2.168 577,5% 114.279 1,9% - 134.044.400

51.522 5,8% 11.745 9,8% 1.303 128,6% 79.922 2,5% - 352.506.000

& 72.339 1,3% 17.890 4,9% 5.722 -11,2% 101.880 6,0% 55.489.614

190.080 0,6% 45.372 9,3% 9.126 535,8% 489.627 0,7% 777.126.951

50.881 -6,4% 23.096 -10,1% 17.915 -15,9% 127.088 -1,3% 0,5800 216.014.400

99.880 -4,3% 23.520 7,1% 8.205 47,3% 174.316 3,4% 0,1114 299.500.000

150.761 -5,0% 46.616 -2,2% 26.120 -2,8% 301.404 1,4% 515.514.400

233 12,0% -207 19,1% -243 24,5% 652 -23,3% - 2.317.140

18.700 14,8% -1.259 -155,0% -3.044 -540,5% 7.322 -28,8% - 507.886

6.375 -0,8% -5.431 5,3% -12.437 4,4% -47.716 -31,4% - 1.601.991

(6 2015) 17.571 -18,4% 2.148 29,9% -2.611 -148,7% 12.550 -17,3% 7.497.691

7.096 -2,8% -798 70,7% -4.004 36,9% 31.916 -10,8% - 4.667.267

/ 8.239 4,8% 184 -65,2% -738 -24,9% 8.729 -7,8% - 2.428.632

(6 2015) 1.113.600

FIERATEX 28.004 13,1% 1.142 22,5% -1.056 -56,4% 12.801 -7,9% - 1.887.661

86.218 2,2% -4.221 -27,5% -24.133 -13,3% 26.254 -46,5% 22.021.868

-

500.285 -3,4% 26.448 -46,8% -32.748 7,1% 178.469 -17,4% - 19.879.642

1.431.974

83.223 -15,9% -37.808 -14,9% -37.150 13,1% 25.959 -15,6% 17.504.878

- 979.735

1.227 -75,2% -1.711 63,3% -10.173 24,7% -35.836 -43,5% - 966.886

971.773 5,2% 145.187 64,8% -10.995 85,3% 350.741 -3,6% 171.219.950

9.412 -24,6% 793 -55,1% -863 19,3% 9.218 -8,4% - 3.969.687

1.177.142

14.895 24,9% 741 68,0% 404 445,3% 21.775 -0,2% 4.927.500

1.533.083 -0,7% 154.548 -4,9% -106.071 -105,5% 798.307 -9,4% 210.631.562

INTRACOM 147.594 -3,8% 12.676 14,3% -6.418 -1297,4% 58.858 -3,2% 8.219.759

9.186.775

0 - 201 1775,0% -1.946 -180,8% 7.795 -20,0% - 2.115.775

42.031 -40,2% 1.838 -81,0% -12.355 -91,2% 284.140 11,9% - 28.648.118

3.303.523 -1,0% 302.913 6,0% -218.315 3,3% 1.699.425 -6,8% 480.859.382

44.657 5,1% 3.250 -2,7% 144 -78,8% 16.435 0,8% - 3.505.014

. 47.000 43,9% -11.496 -25,5% -15.575 71,1% -154.094 -11,2% - 1.507.979

. 2.127.300

185.400 -4,3% 34.262 154,7% 59.443 521,0% 121.189 136,8% - 45.626.235

148.691 9,6% 11.584 -42,2% -12.659 -128,1% 3.446 -68,8% 28.388.691

425.748 5,2% 37.600 35,9% 31.353 240,3% -13.024 78,3% 81.155.219

26 2016

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

- 14.284 -14,3% -891 46,1% -2.894 14,2% 9.678 -24,0% - 19.878.349

14.284 -14,3% -891 46,1% -2.894 14,2% 9.678 -24,0% 19.878.349

-

15.614 -9,1% 1.547 -23,9% -415 -510,3% 17.649 -7,4% - 9.753.095

41.550 2,0% 10.826 0,5% -2.547 -2502,8% 12.976 -17,0% - 44.250.000

16.766 0,3% 1.278 -11,3% -536 -17,8% 3.378 -13,7% - 889.892

289.396 4,0% 28.980 23,2% 10.021 50,5% 127.394 14,9% 63.583.414

257.182 9,1% 37.824 19,2% 16.479 14,9% 180.224 13,1% 139.633.920

FLEXOPACK 61.201 5,0% 9.196 6,9% 3.694 0,2% 49.136 5,7% 28.831.259

681.709 5,4% 89.651 14,8% 26.696 10,0% 390.757 10,0% 286.941.581

21.557 -7,0% 238 -87,2% -2.192 -476,8% 12.218 -15,2% - 4.317.713

PAPERPACK 14.136 1,1% 2.529 -2,7% 1.244 -1,3% 4.377 28,8% 0,1100 4.111.214

35.693 -4,0% 2.767 -37,9% -948 -207,6% 16.595 -6,8% 8.428.927

&

20.447 -20,6% -3.633 11,6% -10.626 15,6% 627 -94,4% - 1.820.000

25.383 -2,5% 914 1,6% -1.778 0,7% 11.905 -32,1% - 2.599.438

45.830 -11,5% -2.719 15,3% -12.404 13,7% 12.532 -56,5% 4.419.438

3.054 187,0% -733 68,6% -1.809 41,3% -7.185 -31,9% - 1.421.251

9.040 -3,3% 1.101 -15,8% -2.155 -12,9% 26.763 -7,4% - 3.784.480

SATO 7.362 3,6% -3.792 -123,3% -6.437 -83,3% -18.465 -50,4% - 914.568

19.456 11,1% -3.424 -25,8% -10.401 -22,4% 1.113 -90,1% 6.120.299

, & 80.198 20,7% 5.299 31,9% 591 -58,5% 30.793 -4,2% 0,1000 26.301.888

45.875 27,5% 1.625 163,4% 386 161,3% 8.230 6,5% 3.978.000

252.137 13,5% 17.400 27,6% -21.070 5,9% -69.211 -43,4% - 3.126.220

378.210 16,6% 24.324 33,1% -20.093 7,0% -30.187 -259,8% 33.406.108

16.076 6,5% 1.667 -16,4% -368 69,2% 18.694 -1,9% 4.086.196

AUTOHELLAS 182.893 13,5% 88.111 8,7% 18.633 15,6% 186.321 4,2% 0,8500 145.890.000

198.969 12,9% 89.778 8,1% 18.265 22,4% 205.015 3,6% 149.976.196

ALPHA TRUST 5.462 -17,3% 941 -43,1% 16 -98,4% 4.878 -6,5% 16.794.000

9.720.000

DOPPLER 15.426 -4,6% 1.046 -32,1% -231 -110,0% 2.598 -8,2% - 11.130.011

DIVERSA (6 2015) 104 -72,6% -13 91,0% -33 78,0% 381 -57,0% 4.030.400

- 10.992 11,3% 1.692 -20,2% 361 7,4% 11.129 -2,3% 2.793.860

ENTERSOFT 9.526 1,4% 1.742 -19,7% 807 -20,9% 8.129 25,5% 6.684.000

ENVITEC 9.087 18,9% 2.684 591,6% 453 141,6% 29.119 1,8% 13.689.600

EUROXX 14.766 -16,6% 436 -75,7% -496 -264,2% 6.197 -7,2% 20.252.880

FOODLINK 44.659 13,2% 2.430 12,4% 231 -12,2% 8.366 2,6% 9.860.755

5.271 7,9% 606 -28,9% -33 -133,3% 4.745 -1,8% 4.097.440

MEDITERRA 9.745 -0,9% 437 7,1% 156 2,0% 4.008 4,0% 3.650.000

OPTRONICS 1.498 -26,6% -172 -473,9% -149 -15000,0% 2.047 -6,8% - 5.900.295

PERFORMANCE 15.097 -14,7% 929 -32,0% -81 -138,9% 2.245 -3,1% - 8.873.407

VIDAVO 601 9,3% -11 -106,1% -75 -266,7% 908 -7,6% 3.385.980

142.234 0,0% 12.747 -6,3% 926 -55,0% 84.748 0,4% 120.862.627

27

12 15

: Beta EBITDA &

(. ) 2015 (%) 2015 (%) 2015 (%) 2015 (%) M

(Eur)12/4/2016

12M 2015 66.011.747 -4,7% 7.464.436 15,0% -7.527.392 -154,4% 71.289.273 6,1% 40.299.461.676

, &

66.011.747 -4,7% 7.464.436 15,0% 651.338 390,7% 32.203.946 -0,7% 30.048.329.725

61.133.110 -4,9% 7.005.137 16,1% 869.653 142,6% 30.504.521 -0,4% 29.567.470.343

49.963.256 1,9% 6.510.308 0,0% 406.390 -30,9% 29.948.553 -1,6%

81 118

34 44

29 53

18 21

(. ) (%)

- 954.128 4719%

38.560 442%

88.572 195%

25.566 62%

37.600 36%

- 257.457 33%

, & 24.324 33%

MH ME 260.760 28%

46.678 25%

28.243 21%

(. ) (%)

1.210 -50%

. & 122.439 -47%

2.767 -38%

3.586 -23%

- 36.655 -17%

MHXANHMATA & E 60.556 -16%

955.802 -14%

1.268.725 -12%

12.747 -6%

191.073 -4%

(%) Top -20

22.300% 51%

677% ... 47%

(/ /) 578% FF GROUP 29%

(6 2015) 230% CPI (6 2015) 27%

205% GRIVALIA 24%

204% MLS 20%

MEDICON 139% JUMBO (6 2015) 16%

78% AUTOHELLAS 16%

74% 15%

56% 10%

(. ) (%)

551.515 27%

1.829.892 18%

MH ME 1.755.624 17%

, & 378.210 16,6%

1.613.031 16,0%

& 836.866 14,8%

198.969 12,9%

. & 240.738 11,4%

19.456 11,1%

688.872 9,6%

/ (. ) (%)

50.079 -27%

- 16.048.491 -21%

- 14.284 -14%

- EKT 151.770 -13%

& 45.830 -12%

25.597 -11%

57.358 -6%

150.761 -5%

MHXANHMATA & E 560.928 -4%

35.693 -4%

(%) Top -20

187,0% 25,0%

57,4% 24,9%

MLS 48,9% 20,7%

. 43,9% 20,7%

33,5% FF GROUP 19,5%

F.G. EUROPE 30,9% 19,3%

27,5% 19,1%

SPACE HELLAS 27,3% ENVITEC 18,9%

26,6% QUALITY & RELIABILITY 18,4%

25,5% 17,9%

41% 59%

17% 22%

15% 27%

9% 11%

28 2016

bail-in - - 100.000 , . , 1 , - , bail-in 54% . - - . , ad hoc bail-in 2013, - -. , , (moral hazard) ,

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

, - , . bail-in 10 , :

~ - (FMA) - Heta Asset Resolution AG. Heta Hypo Alpe Adria - , Commerzbank. - (100%) 54% -, - 1 2015, Heta - 31.12.2023.

~ bail-in (BRRD), Heta, .

29

Heta , BRRD - Heta, - - , 11 . . , . , , -, - , : Bloomberg, 92 , 8%.

Heta, - , , , - . , , - - , - , (360 . ) , 100.000 . 11 , - , , - ... , , , -

, . , , - , Quaestio, Fondazion Cariplo, , Intesa Sanpaolo.

, . , - , . , , 5 . . - . - Veneto Banca Banco Popolare di Vicenza, , , , 3 . . -

-, , - . . Bloomberg o Cazenove Capital Management. , - . . - , , - , , - . - , 5 . . , , - , - . - Economist, , 50% - , bail-in. -, , . , , - . - , - .

, .

30 2016

2015

31

~

,

9.010

, 10.742

,

-16,1%.

BUSINESS AUTO-MOTO

o 2015 , , , - . -

, - 2015. -, , , . , , -32,4% 2016, . , 9.010 10.742 , -16,1%. , - 2015. -, , 8.000 . , 31 2015, 1 . - , 25 . . - 35 . - , 6 10 (58,3%) - . , 3.310 , 4.894 - 2015. 3.310 , 1.929 (58,3%), 1.301 (39,3%), 56 (1,7%), 14 (0,4%), 7 (0,2%) 3 (0,1%). 10 (94,5%) 1.600 -, (/segment ) , 34,1%.

32 2016

BUSINESS AUTO-MOTO~

( 3,5 )

-, -64,7% 2015. , 775 , 1.392 - 2015, -44,3%. Vanette 41,9%, Pick-up 38,8%. , Pick-up (44,2%), Vanette , 39,9%. - 258 , 732 , - , -64,7%.

( 3,5 )

- , -63,9% 2015. - , 67 , 83 , -19,3%. , 22 -, 61 , -63,9%. , , - - . - , , - .

. , 18 8 2015, - 125,0%. 10 -, 1 (900,0%).

( 50 cc)

-, 30,2% - 2015. , 3.641 , 3.416 - 2015, 6,6%. 2.068 1.588 . 7 10 250 . . (67,7%), 400 . . 86,9% - .

50 . - , - , . , IX 2.000 . ., 20.000 , 31/12/2001.

:

~ 900 . ., 80% - 6.000 .

~ 901 1.400 . ., 80% - 8.000 .

~ 1.401 1.600 . ., 60% 11.000 .

~ 1.601 1.800 . ., 35% 14.000 .

~ 1.801 2.000 . ., 25% 14.000 .

3.500 , - 31/12/2001, .

, , 8.000 .

33

35 . , 6 10 (58,3%) .

20 2016, - 31/12/2001 . - - 31 2016. , - - , . , - , - 31/5/2016. : : ) - 2014/107/ () 2015/2060, ) 2014/86/ 2015/121/, ) 2013/61/ .

2015

1 TOYOTA 8.855 10 FIAT 3.200 19 MINI 1.292 28 LANCIA 1422 VW 6.769 11 HYUNDAI 3.065 20 SMART 739 29 LEXUS 813 NISSAN 6.492 12 BMW 2.987 21 CHRYSLER 626 30 674 OPEL 5.972 13 RENAULT 2.790 22 HONDA 538 31 SUBARU 415 PEUGEOT 4.817 14 AUDI 2.657 23 ABARTH 481 32 LAND ROVER 366 CITROEN 3.854 15 VOLVO 2.120 24 ALFA ROMEO 477 33 SSANGYONG 227 SUZUKI 3.812 16 SKODA 1.847 25 CHEVROLET 469 34 PORSCHE 168 FORD 3.556 17 SEAT 1.605 26 DACIA 316 35 JAGUAR 69 MERCEDES 3.518 18 KIA 1.401 27 MITSUBISHI 279

: ..

34 2016

2015

21% - 2015, 80,2 . (66,4 . 2014). -, , , - . TDA 5,3 . , 4 . 2014, 32,5%. - 1,2 . , 1,9 . 2014, 0,6 . , 1,4 . . -, 1.820.000 , 1.156.000 , 2008-2012, 664.000 - . 22,7 . , 56% 4,1 . , 9,4 . . 40%, 13,3 . 2014 18,6 . 31.12.2015. 30,8 . , 32,1 . 2014. 4,8 . , 2,6 . 2014. ( ) 31.12.2015 60,5%, 55,4% 31.12.2014. 0,10 2015.

10 . 2015

2015 - , , - .

- :

~ , , 2015 75.805 - 6,4% , . Suzuki 2015 - 5 , 4.044 - 5,3% ( 4,7% 2014), - 6 . 12,4% ( 11,9% 2014), 9.378 (PC), 669 (LCV) 1.551 . ( ) 15,4% ( 14,1% 2014).

~ , , Long Term Rental (LTR) 13,6%, 5,3 . . - 6.000 , 96%. Rent-A-Car (RAC), - brand Enterprise, 10,2%, 2,9 . . 3.200 .

~ , , - ,

BUSINESS AUTO-MOTO~

- 2015, - capital controls. , 2015 6,4%, - . 2016 .

35

- . after sales 2014 (16,3 . ).

2015 252,1 . , 13,5% 2014, 19,3% 207,6 . . 25,7% ( 25,0%) 10,9% ( 10,0%) . , 5,4 . 1,0 . , , - . , - EBITDA 22,8 . , 16,9 . (+34,7%). - , 0,2 . , -2,5 . 2014. - 3,0 . 12,0 . . , -10,0 . , 45,6%, -14,0 . , - 18,5% 2014.

: - 2015 45,88 . , 2014 35,97 . , 27,5%. , , - , , - , 3,54%, 1,71% 2014. -: 2015 8,92 . , 8,59 . 2014, 3,81%. . 2015 377 . 683 . 2014. 413 . , 2014 668 . . - 2015 14,5 . , - 2014 13,6 . , - 7,16%. , . 2015 15,05 . , 14,96 . 2014. : 8.230.464 ,

7.724.886 2014. : 1 . , -0,8 . 2014.

AUTOHELLAS 16% 2015

H (Rent a Car) - (Fleet Management), , Autohellas 0,00% - 2015. , , 2015 13,5% 182,9 . , 161,1 . 2014. 32,6% 27,6 . . 18,6 . , 16,1 . , 16%, - 29% . , Renting , brands Hertz International (Hertz, Thrifty Firefly). Fleet Management, - , capital controls . , -. 2015, , , , , . , 6.000 - 27% 2015. , 2015, Hertz , . 104,6 . 8.300 , , - . . , , : 2015 . capital controls , . , - , , 4 (, , - ) portfolio . . , 2016, 0,85 2015, .

36 2016

, E-Class, Mercedes-Benz . , . - , , - . infotainment, -, , . , , - , , . E-Class , , Active Lane, - . E-Class business . E-Class , , . , 65 (2939/2874) 43 (4923/4880). - ( 20 , 7 ). , - - . Mercedes-Benz . , Coup , . , , , , , -: Sensual Purity ( ).

, , business-class , . Mercedes , Exclusive, . Avantgarde AMG Line , -, Mercedes . E-Class , - . , E-Class . E-Class - Mercedes. - , - . E-Class.

E-Class , - Mercedes-Benz. - , 12,3 . , , - . , cockpit , . : Classic, Sport Progressive.

BUSINESS AUTO-MOTO~

E-Class Mercedes-Benz

37 2016

:

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

,

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

: : -

.

(). , . , , -

, . , -

.

: : ()

, .

( ), - - ( ).

: 200.000 , - , 25% CO2 450 . , -, . , , . : , , - , - - . , . , 1,6 - , 1,3 2 .

, , , -, . , , Fisikon , - .

38 2016

CAPITAL CONTROLS

39

2016 , , . , , -. - Metro Cash & Carry, 33 Carrefour , - Metro . , , , , . , - - . , : , , Lidl, My Market.

2014, 1,4% 2013, - 2015, IRI, 2,1% - 2014. 2015 2016 , ECR Hellas, - , - IRI Hellas. 2015 - capital controls,

~

- 2015 -

, 2016 -,

.

40 2016

~

, -. , , 13% 23% , , 2015 -. , 2,1% 1,7%, 0,4%. , 2014 - 0,6%, 2013, , 0,1% 2012. , 5,5% 2014, 28 -5 . - capital controls, . , , 39,1% 2014. - , 8,3% 2014, - . , , , 2015 - 7,5%, .

, - , , . IRI 8 - ( 90% ) 9% ( 5,5% ), , , - . 2015, 8,2%. 2014 0,9% 2013, 2015 1,2%.

2015 . , - 2014. :

~ : 1,7% ~ : 1,1% ~ : -0,3% ~ : -1,2% ~ : -2% ~ : -2,4% ~ : -2,4% ~ : -3,7% ~ : -4% ~ : -4,5% ~ : -5,5%

2016

IRI - . , 2016 - 3,9%. 2016 - . - , IRI 2016 2015:

~ : 0,1% ~ : 3,9% ~ : -6,6% ~ : -4,1% ~ : -5,6% ~ : -4,1% ~ : -1,2% ~ : -4,2% ~ : -5,1% ~ : -5,8% ~ : -5,6%.

2015 capital controls, , , .

41

-, : - , 2.400 , - , . , .. . , :

~ (60%) 2015 - .

~ - 2012 2013, . , , 60% - .

, - 17,4%, - 14,8%. 2010, 460 , 2014 380 , 80 . , -, ( - ) 21,4% 2010-2014. , , , . 2010, 23,5% , 2014 26%, 2,5%. , - , (.. , , ) - . , - , ,

, , . - -. :

~ 9 10 -, 7 10 5% .

~ 11,2%, - .

~ , . , .

~ 60% .

~ 40% - (.. - ) - .

2015, - , 2014 . , - .. , 2015 1,5% 2014, 0,9% 2014 2013. , 20 (5%) (240 ) -, 2015. . :

~ (52%) 2016 -, 30% 18% .

~ , - 2016 3,2%.

, : , , Lidl, My Market.

42 2016

, . , , , - , -, . , , , , , - , . -, , . - , , 3 5 (4,0 ..), 4 7 (4,4 ..), 1 (1,5 ..) 2 (.. , -, /). , . 99% , -, 25% (1 4), - . 45% . , 60% - . , . -, - . , , // , 11,2% , 1 5 20% 1 5 20%.

(60%) - , 50% , 20% , 30% - - , , .. (12%) - -. , ( 62%) . , 64% - . . - - , .

SOCIAL MEDIA

, -. - , - , . , - , social media . : online . - :

~ ( 1 4) online. , 24% - , 23% ,

~

24% , 23% , 18% social media 5% .

43

18% social media 5% .

- . online:

~ 16% 2015 - . - , - , , , - , , , , .

~ 24% 2016 - . , (1 4) - .

, -, e-shoppers, . , , , - - . , / ( -) . , - 3% 4% 2013-2015 - 5% 2017. , , - 30% online . , online , - online . , , -, , 36 . . 2014 100 . . 2018.

45 - - , 66 , , 267/13-4-2016 . 45 . - . - : -, , , capital controls - , , - . , , 2015, - . - 2015 , , . -, -. , , - , . , 450 , . - - , - . . -, , . - , -, . 4-5 . - , .

44 2016

PUBLIC- 2015

Public (Retailworld ), Olympia, , - , . , 2015 - -, , 10 , Public (Retailworld ) , -, . - ( , , - -EBITDA) 2015 146.285 , -9.942.882 2014. like for like, 22,6%. , - 2015 222.538.358 , 181.580.497 2014. - , - . Public 1 retailer - , action cameras drones, , , . , - Public . Retailworld AE, , , : , 2015 - . , Public . , 10 - , , . , - . Public - , . Public - , 2015, 25 , 32 2 e-shops -, , 800.000 . , Public 11 2015, omnichannel, customer service.

MEDIA MARKT

H edia Markt . - design, , - , , online offline . Stop & Go, - . - mediamarkt.gr, , . , - electronic pricing, - online , . -, Media Markt multichannel terminals . Media Markt - . - design, , , , - - , .

~

45

2015 . 2015, - . , , . -, . : 2015 , , . - , - 2014, , , , - . , , - , , - 10 . , . , . -, , - , , . , - . , , - , -, 2.500 .. . : superstore 2.500.000 , , 2016. - . , , - -, 2% , . ,

. , - 2015, - 2014 , , . , 272 . , , . ( , ) - 12,4 . , 25,8 . 2014. - 9,3 . 6,7 . . , , - 41 . , 45% . , 31 . . , - 11 . 2015, .

46 2016

. , .

-

94% . , . , (Best Workplaces 2016), 4 . - - , - , . , , - 200 34.000 . , 2015, , , , . - , . , , , - , - .

- , - , , - , , .

1 - , 95 - www.kotsovolos.gr, 20 . - , , . , , , - , !

-

- , , , . , , - , , , omnichannel . , , - -, , . 100.000 , - 1.000 , 10.000 , . , 5% , .

~

47

_ ;

.._ capital controls, - . - , . , , ( ), . , , , , , 4.000 , . , , , -

, , , . 2015, , 1,4 . , .

_ , - ;

.._ , , . , , , - . +9 % 2 . 2015 - , 36 (25 11 franchise), 80 90 . 341 . , , ,

. 2016 , 100-115 . , franchise -, . , 2016, , . , , , . , -. , 2015 AB click2shop , , . , 2016.

Chief Operating Officer,

100-115 . 2016

48 2016

,

49

,

, - : -

, , .

, , : , , , , , . 39 , , , , . , , . , . , , , . , . 2007-2013, , 28 - 2007-2013, 98%. 2016, 8 . , 6,75 . 1,25 . - .

50 2016

~_ - -; , ;

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

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

_ 2014-2020; - , - - ;

.._ - - . -, , ,

.

-, -, -

-

, . , . , - - .

_ ; ;

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

51

() - . - .

_ , , - . ;

.._ - -, , - 2014-2020. - , -, -. , . -. . - , . . . - , , .

_ . - ;

.._ - - . - , - . - -. , , - , - 10 , 40% 50%.

_ -; ;

.._ -, , , -, clusters, meta-clusters , , . - clusters , - meta-clusters, - clusters - . - , - , , - . ,

, . , 55 . -, -. , - 50 . , , . - - . - - , . - - , , - , , .

_ - -, ;

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

52 2016

, , - . - -, (escrow account), .

_ 2007-2013; -, 20 . ;

.._ , - 2015 28 -- 2007-2013, 98%. 2007-2013, -- , -. , 2014-2020, - . , 2015, 2,3 . 2007-2013, 250 . - 2015. - , 2015 - , - -,

, 2015.

_ 2015; . ;

.._, , , , - , , , , 2007-2013 -, , - , . - () 2015, (-- 2015) 5 . , - 4,5 . 2015 . , 2015 6,4 . (100% ), , -, - . . - 2014-2020 , . . - . 2016 8 . . 5,5%

6,75 . , 6 . - 750 . . 1,25 . , - .. , - 2016, , .

_ , - - . ;

.._ , - - 2007-13, 2000-2006. 2007-2013 . . 2015, -, . 6 . , . , - , . , . , , - - . , - .

~

53

VIRUS ADD 21x28 CURVES.indd 1 20/11/2015 11:30:54 pi

54 2016

( )

WOMENIN

BUSINESS:

55

- - , - - . - , . , - . , Focus Bari , , -, . , ( -) , Focus Bari, . - () ( ), , . online

~

, - ,

, .

, 429 . (173 ),

. :

:

(66%) . ( -) - . , , . , . ( -) - , , -, , - .

56 2016

~

: -

49 ( ) - (90%) (55%) (31%), ( ). - , 12 . (62%) : .

: , -

- , - ( /self-motivation), , -. , - / , . , , : -

, ( ).

: -

38% ( 63% ) , , . (55%) - , -, (7%), . , / - , . , -, / . - / (20%). 7% ( 15% ) .

, 23.968 , 5.049 - , 21,07%. - 2013 19,6%.

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

. , , (- ) - - 2 . (23,2%) 10 (23,1%). , (large) -, (7,6% - 50 . 8,1% 250 ). - - (

) -. . - - (Top 500 LWiB), 58% 2 10 . 2014, 10 .-50 . ( 36,2%). - - (94,2%) - - ( - ) .

O 21% 1,5

, ICAP.

ICAP

57

Project Leader , Focus Bari AE

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

: ,

- - . - , / /, , /. (7%) (13%) . - : 63% 49% , , .

:

H (66%) , . -, . , , . , , - . - (, /self-motivation, ) ( ) , , , - .

, , .

58 2016

, , , - , . - , , -, - , . : , . , 30% -. - (37%), (36%), (33%), (33%) (32%). ,

22%, . , 11%. , , . - , . - . - - - . , , - ., - -, - .

*

59

* Factoring AE 2015. 2007. , 11 Sales & Marketing Manager ABC Factors (Alpha Bank), HSBC, 4 Corporate Department and Private Banking. , Finance, , (Feasibility Studies) .

Factoring AE 1998 100% , . Factoring factoring, , Factors Chain International (FCI). factoring , ( 2015) IFG International Factoring Group 400 90 . Factoring FCI . Factoring AE 2015 21%, 1,6 . , 22,10%, 7,5 . . , - , 2012 2013. , , Factoring AE, , - , :

.

.

factoring ( 100%).

, .

.

- . .

Factoring:

60 2016

General Manager Business Imaging & Professional Print, Intersys

, . - , , , . - . , , . , ; , - . , , , , , , . . - , * - , , . -!

, -! - ; ; . -, , . , , . , - . - , . , . - . , - , . -. , , , , , - , - , , . , , . - ; . . , , -, , . , , - !* , , -- , .

, . ,

~

61

!

Videos

: 210 99 84 950, F: 210 99 84 953

.

,

multimedia,

.

, ,

,

62 2016

, - . , - . , , . , . , , - , . , - . , , . , , , , . , , 2015, , - . 6% Fortune 500, Accenture, Microsoft, Adobe, Dell, Deloitte .., , . - ditch scrap, , . ; :

, , , -, . - CEB 10.000 - 35 . . , Deloitte 2

, . , . (Gauss), , - , - , . : ; : , - , - , , . CEO Accenture, Pierre Nanterme, -. , . Deloitte 4 , . - , -. Adobe check ins - . check ins milestones project. - ,

, Director Human

Capital Consulting, ICAP Advisory

: ;

63

bonus . , -: -; - , CEO Hogan Assessments , Tomas Chamorro-Premuzic, Management Today. Chamorro-Premuzic - . , -, - , . :

~ Pareto 20% 80% . 20% , .

~ , , bonus .. . - .

~ . , , , .

-; Chamorro-Premuzic - . , - , , . - , . , , , , , . - , -. , , , - . , , - . : ;

6% Fortune 500, Accenture, Microsoft, Adobe, Dell, Deloitte .., , .

64 2016

, - -, - . - , :

~ , - , . : 1+1>2.

~ , , , , ..

~ , - (.. -, , ).

~ , .

-, - . , , . , , .

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

. , . , :

~ ~ ~ -

~ (.. )

~ , /

~

A O O , , . 12-15 . , , - , . . - 2004 .

O E I A leader, , , , , , , , . , - , / - , - , . , . - :

~ -

, ,

/

:

, ,

team-building .

65

, - .

~ . ~ , , .

. , , - .

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

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

-. , , , .

TEAM BUILDING - . , - . , -. - , . (Team Building), - , - ( ) . - team building , , , . - , - .

(Master in Business Administration) (ESCEM Business & Management School) 2 () - (). Business & Technician Education Council - (UK). , 1991 , -- - Fast Moving Consumer Goods (FMCG), , & , - . , 1994: ( 5.000 ) -, , . (), (), - () (). , & (). , -, .

66 2016

CERTIFICATE IN INVESTMENT MANAGEMENT (CertIM) CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT (CISI) www.cisi.org 40.000 110

()

H&F ANALYSIS (Accredited Training Provider) VALUATION & RESEARCH SPECIALISTS (VRS). 210 3219557, 698 3603160, 6945 851420, E-mail: info@hfanalysis.gr

( )

. 2014-2015 ( . )

2015 2014 2015 2014

Media 12.483 7,92% 11.567 Media 10.026 -8,34% 10.938

50.401 30,85% 38.517 25.196 12,64% 22.369

(1) 824 9,87% 750 (1) 196 -3,45% 203

63.708 50.834 35.418 33.510

: .

12 2016 ( . ) $603,17

. ( .). ( . $) . . (52 .) Beta

471,59284.449,54

4.241.4801,10

. 52 . ($). 52 . ($). 1-. 6-. 12-

693,97 USD375,56 USD

7,92%7,24%

56,62%

: , Nasdaq,

, -, . , VRS VRS - . , , .

AMAZON.COM Inc.

Amazon.com Inc. . - , media, .., . 2/3 .

( , . )

: Nasdaq, Yahoo Finance.

550

500

450

400

350

300

9/4/2015 18/6/2015 27/8/2015 5//11/2015 14/1/2016 24/3/2016

600

650

700

750

[Bloomberg Ticker: AMZN:US] [Reuters Ticker: AMZN.O] NASDAQ, : -

67

,

VALUATION & RESEARCH SPECIALISTS (VRS) : 2002 104, 10564, .: 210 3219557, 698 3603160, email: info@valueinvest.gr

& , 2009-2015(, . . )

( . . )

EBITDA P/ (x) P/BV(x)

EV / EBITDA(x)

/ (x)

ROE%

2009 24.509 1.507 1.161 902 315,4 54,1 190,0 0,02 17%

2010 34.204 1.974 1.497 1.152 246,9 41,4 145,7 0,03 17%

2011 48.077 1.945 934 631 450,8 36,7 143,7 0,05 8%

2012 61.093 2.835 544 -39 -7.293,6 34,7 98,8 0,45 0%

2013 74.452 3.998 506 274 1.038,1 29,2 70,0 0,40 3%

2014 88.988 4.924 -111 -241 -1.180,3 26,5 56,8 0,91 -2%

2015 107.006 8.514 1.568 596 477,3 21,3 32,5 0,62 4%

: .

, 2010-2015 (, . . )

. . 2010 2011 2012 2013 2014 2015

34.204 48.077 61.093 74.452 88.988 107.006

( .) 26.561 37.288 45.971 54.181 62.752 71.651

% 22,35% 22,44% 24,75% 27,23% 29,48% 33,04%

1.152 631 -39 274 -241 596

% 3,4% 1,3% -0,1% 0,4% -0,3% 0,6%

3.777 5.269 8.084 8.658 14.557 15.890

44 49 48 50 48 52

3.202 4.992 6.031 7.411 8.299 10.243

17 20 23 23 23 22

1.587 2.571 3.817 4.767 5.612 6.423

111 109 106 102 96 104

8.051 11.145 13.318 15.133 16.459 20.397

Operating Cycle 61 68 71 73 71 74

Cash Cycle ( ) -50 -41 -35 -29 -24 -30

: .

, -, . , VRS VRS - . , , .

68 2016

2020. (2014-2020)

. -, . 449,4 . .

:

~ , , .

~ - .

~ , .

~ - .

23 , - - . , . : . , -, - - - ( ). , - . , : - . 2014-2020. , , (CHAFEA) . - . - .

~ To , gmil@Megaprojects.gr

. , - , - , .

~

!

69

:

~ : , , .

~ : - .

~ : .

~ : ( ).

(2014-2020), - , - . , .

( ). , - ( 28 --) - . . :

~ , , ,

~ , - -

,

~ - .

60% - . -, , 80%. . - , .

( ) - . 2014 - (FPA) - 2015-2017. FPA - - ( ). FPA . CAFEA (. ).

CHAFEA

, (CHAFEA) (EAHC) - , . , -, http://ec.europa.eu/chafea/health/ CHAFEA-HP-CALLS@ec.europa.eu (+352) 4301 37707.

70 2016

~

- - -

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

, - - HR managers, ,

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

71

, & Corporate Business Interamerican, . , , - , / . . - , - . , - Generali Hellas. , , , - . , . , , - custom made . , , Generali , 2015 15% . - , , 1.000 . - . , , - ERB ,

, - , , . ( ), - , . - , - . , . , Interlife, , . - , . - - . , . , , - , . Krumbholz, - . , , - ( ), , , .. , , 10 .

72 2016

~

-

- ;

- - , , -. , - , - Human Resources (HR) . , , - , , - , . , employee benefits, . , HR , - budget, procurement ( ) . , -

, - - , - - . , , - . , - , - , . - , - . , , HR managers, , - , - . , , - , , ,

, INTERAMERICAN, GENERALI, INTERLIFE, ERB

. : - .

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

;

73

, , , , , .

- ;

, . , - 15% 10%, 23% 13%. , 38% (23%+15%), - !

- , ; - ;

- , , . -, - , . - .

;

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

. : - , .

& Corporate Business Interamerican

- ;

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

74 2016

~

, - , - .

- ; - , -; ;

, -. , - / . - - . -, - . - - . , , , . - , , - - . , - - . , - , , - - , . , - .

Generali Hellas

- ;

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

. : Generali , 2015 15% .

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

;

, , -

75

, , . . , ( ) , , , .. , - . , , - , . , - , - . , - , , - 1.500 - , ( ).

; , ; ;

, - , -. , , . , - . , , custom made

, - .

; - . , . T , , . , - - . Interlife - - , , .

- ;

, - , , -, .

. , , Generali - , 2015 15% . , .

Interlife

- ;

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

. : -, , , - .

76 2016

~

. , . Interlife, -, .

, ; - ;

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

KRUMBHOLZ

;

- - . ,

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

;

, , - , , . , - :

~ -

~ -

~ ,

~ -.

, , -

. Krumbholz: , , - , - .

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

~ ~

~ ,

~ / -

~ (

,

77

, - , )

- ;

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

- , ; ;

, - - , , . , . , , -

- ( ), - , , .. , - , . - , - , - . 2016 - , :

~ .

~ , -, .

~ ( ).

~ .

, , .

ERB

- ;

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

;

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

. : - - , , .

78 2016

-, , . , - , - .

- ;

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

- , - ; ;

, - , - , , . :

~ ~ ~

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

, , .

~

79 2016

04-16

Interamerican, , , - - . , , Buy the Mile Anytime, - , -. Anytime, , Agency , Interamerican. (OBD) , - Anytime . Buy the Mile 5.000 - 2000 . Anytime (Basic, Economic Value) Buy the Mile, .

Buy the Mile - , . -, nytime. OBD (GPS) , . , - , . - , online Buy the Mile application smartphone. , , SMS e-mail 80% , , 95%. 5.000 , 1.000 , . , , , Interamerican Anytime , . - Buy the Mile, .

INTERAMERICAN

80 - 201680 2016

. :

!

...

- , ( ) : chief negotiator ! () , () !

, , . - 70 -: 12 , : chief negotiator , .

, ... - ( ): , , , . , . , , please, no more raki,

. , , , .

, , 1961, , -: , . !

. , - . , . -, . -, - 160 . . .

ONOMAT -

*

*

..

.

-AIL .

FAX * *

*

(5 ) 20,00 (10 ) 30,00 (10 ) 45,00 (20 ) 80,00

(10 ) 100,00 (10 ) 150,00

MK

(10 ) 60,00 (20 ) 110,00

( )

(10 ) 15,00

( ...)

: (089/470271-92 / GR46 0110 0890 0000 0894 7027 192)

ETHOS MEDIA .. ., fax 210 998 4953, .

Y : , 210 998 4909, salvarlis.k@ethosmedia.eu

* : ETHOS MEDIA S.A., 29, 174 56 , Fax: 210 998 4953

, , e-mail!

, . e-book -, rich media (video, , flash animations), hyperlinks, , ...!

( )