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ISSN 1105-0470

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- - Pressious ....

ISSN 1105-0470

02 ~ :

10 ~ : Mobius:

80 ~ : ;

Grexit - 2010, 2012, , - City - : . - , , - -

, . , , , , - , , . -

- , . , - Target 2, 650 . , - . , - . Target 2

6 2015

, 650 .

7

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

Grexit - , -, - Reuters. -, - . , . . -, . ; , - - . , 108 . . 108 . : 71,8

. ELA 36 . . 108 . -collaterals202 . . collaterals : 41 . 162 . - . , . , (ovedraft) - Target 2.

; . -, , . ,, Harvard, -: - , - - . , . - . - . ,

, , ... - - -. , - - , . Eric Dor, IESEG School of Management - , . 50 . -. , -. , , . . , : - -; - . Eric Dor, - :

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-. 750-800 , - 800 . , , 850 900 , - . , 800 850. , 710 , 680 . - -, - , - , 12 763 . - 2,8 . . HSBC, , - 7,2 . . ,

, - -, . - - momentum . -, . , , - , -. Economist Finan-cial Times - ,

( )

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% 2015 59,0%

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 2015 1.875,8

( . )

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 2015 39,4

12 2015

, - .

country risk , - country risk, ,

, . -. , -, . Holger Schmieding, - Berenberg, , - , - - 50 . 3 , 30% - . Fitch - -, - 2015.

City 2012 2014 . , 2014 -, -. - 2015, - - . -, - 356 . 403 . - - . , 461. , - 110 . .

, - City - 493,26 . . , - , 151,1 . . 260 . . - 39,38 . , - 13,7% - (45,65 . ), - ( 70,16 .) - 43,9% ( 3). 2015 1.875,76 . , - 36,5% - , 2.953,15 . . 2014, 2.520,79 ., - 25,6% ( 2).

: - - - Barclays, neutral, . -: , Barclays - Alpha Bank 0,30 , 0,34 , - Eurobank 0,09 , 0,14 , 1,01 , 1,07 , 0,33, 0,61 . . - Barclays, - ., -

MOBIUS Mark Mobius, 1980 - -. . . , - - . -, - . Templeton mergingMarkets Group (QE) , . QE - , - (.. ).

13

. , Barclays, - . , Barclays - . , - - , - . , Morgan Stanley, , . Mor-gan Stanley, , - - , . Euroxx, - 0,3-0,6 2015, 0,9 ,

- , - -.

3+1 , - Bank of America , - - , - -. - 66%. Alpha Bank 48%, 0,30 ( neutral buy), 66%, 0,33 ( underperform), Eurobank 47%, 0,10 ( underperform neu-tral). dilution - Bank of

America/Merrill Lynch, - - . , Bank ofAmerica/Merrill Lynch, . Bank of America/Merrill Lynch - , -. - , / , , . -, . Bank of America/Merrill Lynch , - :

- Fitch - -, - CCC - - - . bad bank, , NPL, - , , . - -, PL T. Fitch real es-

tate . b - , - -. Viability Rating

, b, (Rating Watch Negative), - -. , , - 2015. capital controls - Fitch, . capital controls - Fitch Country Ceiling B-.

9/4/2015 18/3/2014

Alpha Bank 0,269 0,750 -64,13%Eurobank 0,111 0,500 -77,80 1,140 4,17 -72,66% 0,337 2,05 -83,56%

2014

Fitch:

14 2015

1: - - 2016-17. . - (65-89%) .

2: DTA ( ). 1,6-3,0 . - 33-63% ( ).

3: - . 2,1-5,5 . 54-72% .

4: -, - . 1,6-2,4 . 32-53% .

2015.

(DTA) , , , - . , - 2014, 40 . DTA. - PSI. DTA , - 100% , - NPL. - , (conversionrights), -

-. - 1 2015, , . - , , 2015. , 100 . 0,9-2,5% . 2015 - 2016 . - 11,1 . 2013 15,6 . 2014. -, 8,3 . , Alpha, Eurobank, , () Core Tier I - , 55% (48-66% - ).

-, , Goldman Sachs, - , . Goldman Sachs :

. .

2-3. , 25 . -. , . -

-.

assets - . assets - , . , - .

( -, , SSM). ELA - collateral ( 40-50 .).

15

- 2015. - , . . , -, - , . 6,14%, - 11,93%, - . , FTSE 25 11,03%, - , 24,89%. 2015, FTSE 25 13,16%, 41,5%. , , - 6,1 . , 7,5 . . . - , - blue chips . 60,4%, Eurobank 44,7%, AlphaBank 41,5% 25,2%. , FTSE-25 : MIG (-31,1%), (-16,4%), (-14,4%), (-9,3%), (-8,5%), (-6,6%) (-1,9%)., Viohalco (+61,8%), (+20,3%), - (+16,5%), Jumbo (+14,3%), (+11,5%), Coca Cola HBC (+7,77%), Aegean Airlines (+7,77%), (+6,7%), (+6,2%), (+5,6%), Folli Follie(+5,1%), (+3,0%), (+0,4%) GrivaliaProperties (+0,4%).

- , - ! 17 - 2015, . Euro Stoxx 600 18,8%, - 1998! DAX, 22, 27 .

, PSI 20 24% MIB 21%. , CAC 40 18% IBEX 35 12%. 665. , - . . QE - 2016, , -.

31/3/2015 31/12/2014

Alpha Bank 0,275 0,47 -41,5%Coca Cola HBC 16,89 15,68 +7,7%Eurobank 0,105 0,19 -44,7%Folli Follie 22,74 26,40 +5,1%Jumbo 9,68 8,47 +14,3%MIG 0,13 0,19 -31,1%Motor Oil 6,90 6,50 +6,2% 1,73 1,89 -8,5% 5,70 5,40 +5,6% 1,10 1,47 -25,2% 1,78 2,13 -16,4% 4,67 4,65 +0,4% 3,55 3,80 -6,6% 5,35 6,25 -14,4% 8,70 8,45 +3,09% 5,58 4,64 +20,3% 11,20 10,50 +6,7% 8,73 8,90 -1,9% 8,25 9,10 -9,3% 0,36 0,91 -60,4% 2,19 1,88 +16,5% 21,37 19,17 +11,5%Viohalco 3,01 1,86 61,8%Grivalia Properties 7,60 7,57 +0,4%Aegean Airlines 7,43 6,90 +7,7%

FTSE-25 2015

6,14% , 41,5%

17

1988 DAX

-6,14% +22% +18% +24% +21% +12%

16 2015

, 23 - 2010, . , -, - , . , , -. , . , - . 2010, . ., ... , , - . , -. - ... BBC. , , 27%, - 30% -. ,

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

4 2009 - . - 3,7% 12,7%, 13,6% 2010 15,4% 2010. -

2010-2015

: -GLF

1.942 0.110 15.165 0 1.004 11.389 0.347 10.008 0.140 0.051 3.194 1.555 1.102 0.243 0 6.650 52.900

-EFSF

4.239 5.274 0.297 0.382 2.722 30.954 41.221 0 27.197 0.382 0.141 8.678 0 1.503 0.723 18.079 141.800

.

, !

17

, -. -, ! 2010, -, , : - 12,9% 2009 2,18% 2012. - ! - spread, - , -.

. ,, , -

. , . 2012 106 . . , - - . , -, 2012, 20,6 . , , - .. - .

--. , ! , - , , - , , -, , - , -

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

. . , - . 2010, - , . . , , -, . 2010 30 . .

2 2010 110. , - 2,6% 2014. -. , . - 2009 2%. 2010 10% . 110 ., 80 30 . , -.

, - -,

18 2015

2014 (+21%), (+2%) 3,045 . .

( . )

71.561.950 +2,00% 6.469.700 +21,4% -3.045.364 -219,6%

85 42 22 21

128 43 73 12

2014

,

3,045 .

2014

Beta .

19

71,5 ., 2% - , - , +4,24%. 2,8% (-0,5%), - - . 17,4 . , 16,7 . , , , 71,3. . - , (+31%) , 832. , . - 21%, 6,46 . . - , 600 . - . - (Q4 2014: 6,6%, 3,1% Q4 2013), - - , . - 10%, - , 143 - , 9,03%. 3,05. , . - 56 . (315. ), -. -, , 515 . , 2009. -,

- - .

- - , 40% . 128 , 73 - (34%). , - . , - . 85 , 42 - , 22 , 21 -. , 128 - , 43 , 73 14 .

- -, - Beta .

( 25-30% ), - , - , . . , - , - , , - -. - , - :

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

' , - - , - - :

: - , . , , -

3,05 . , - , - 56 . .

20 2015

- - , . 17 . 10 . . /: -, - -. : - , , . - - , Aegean, , Coca Cola, - .

2014, . , , , - . - , - , - , , . -, - 100% , -

. :

Eurobank: 218 . .Alpha Bank: - - 96 . .: - 179. , , (88 .) - - 139 . . - 200 . , .: - 1,1 . . - 280 . .OTE: 20 . .: -,

, 375 . (475. ).Motor Oil: 195. .: - 30 . .: - (Neurosoft) - 7,5 . .

... , 2014, - . - , - . - -, . , - . , , - -. . , - - -, . , , . - - 2015, , - - -,

2014 .

(Q4 20146,6%, 3,1% Q42013), - .

21

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

: -, 26 . , - , ELA . (31,4 .) - ELA 70 . . 3/4 - , 10 . .

: 2015, . , 210,4 . , 0,3% 4,8% .

: 90 - , , . 31,9% 38%, , 53,6% 62%.

: , . - 20% ( ), - .

, - - -, Jumbo, , FF Group. Grivalia Properties, , Au-tohellas, , . , - , MLS , Byte, , AS Company, , , -, Kleemann, Flexopack, ., , MermerenCombinat, , , Intra-com , , Quest, Paperpack. - . -, , - . , - , , Frigo-glass, , , MIG .

( . )

2013 2014

Alpha Bank 2.087,6 2,391,5 +14,6% 1.551,0 1.604,0 3,4%Eurobank 1.558,0 1.889,0 21,2% 497,7 951,7 91,2% 5.694,3 6.836,2 20,1%

- . , , - 2008. , 90 - , - ( ), -, . 2015 2014 - -, , . - , - , - .

22 2015

66 . 2014, Deutsche Bank

66 . 2014. 174 . ( ) 2014, - . 2014 229 . , 226 . 2013. , , - 2014. , - , 66 ., 174 .. , , 318 . 41 . , . , , - , - , , 15. . -, . , - , - 60%. , - 13,6%, - . , 60%, 54% 2013.

top picks Deutsche Bank , buy - 2 . , , . , Finansbank. , , Euroxx over-weight , - 2,00 . , - ., , - .

A E E

VIOHALCO , , - (EBITDA), 120., Viohalco 2014, 4 . . 2.943 . , 2%, ,

, - . 59 . (0,2941 ), 173 . 2013 (0,8583 ).

2014

6.763.882,84 , 8.045.245 2013, - 3,3%, 2013( 22.224.256 22.958.410,89). 4%, 108.630.469 2013 104.320.264,31 2014. - - 31 2014 54.466.299,3600 , -

2014 2014 2014

Folli Follie 998 . 2014 37,5 - ofA Merrill Lynch

FOLLI FOLLIE 2015 2016 2017 1,125 . 1,127 . 1,300 .EBITDA 253 . 279 . 298 . 162 . 181 . 195 .

: ofA Merrill Lynch

- Folli Follie 2014. - Dufry AG 2013, . - 2014 998,1 ., 887,4 . 2013, 12,5%. - , 2014 202,4 ., 166,6 . 2013, 21,5%. EBITDA 223 . , 19,5%. 145,4 . . 2014, - brands (Folli Follie Links ofLondon), . , , - . 37,5 - FF Group Bank ofAmerica Merrill Lynch, buy, FF , .

BofA Merrill Lynch - FF, - brand . , , . 2014 300 . , BofA - 51 . , - 3%. , FF , , - , -.

38,2% 2014Eurobank Equities: growth stories

A E ( . ) 2014 2013 4.259,1 3.711,1 14,8% 1.377,7 1.219,9 12,9%EBITDA 346,5 221,7 56,3% EBITDA 25,2% 18,2% -- 195,0 141,1 38,2 14,2% 11,6% --

195 . 2014, 38,2%, . - 4,26 . , 14,8%. -

23

34,1%. - 550 . -. 31 2014, - 1.484 ., 1.274 . 31 - 2013.

2014 - 326,4 . , 2,9%,

- . - 42,0 . , 77,7 . 2013, , . - 50% 2014, 21,3 . (0,20 ).

2014, - , 1,9%, 73,7 . . - - . 2,35% - 13,4 . , -

2014 2014 2014

24 2015

2014 0,45 , 0,25 2013. , 76,0 ., 29,4 . . - ( ), 2014 59,1%. 0,61 , 0,44 2013 ( 38,2%). 2014 1,277 . , -, . EBITDA 25,2% 7 2013. , 291,5 . . 2014, , - , - . -, - VLT , Eurobank Equi-ties, - 12,90 buy. , growthstories, , gaming, . Eurobank - 1,7 2016 ( 1 ) (50 . ). 30% . , discount 30% , risk premium -.

2014

E 2014 I ( . ) 2014 2013 5.863,6 5.970,8 EBITDA 1.022,1 881,6 EBITD 17,4% 14,8% /() 137,6 -34,9 /()91,3 -225,3 *

* 2013 228,3 . , .4237/2014.

91,3 . 2014, 225,3 . 2013. , (EBITDA) 15,9%, EBITDA 17,4%, 14,8% 2013. 1,8% 5.863,6 . , 5.970,8 . 2013. 72,1 . , , 90,2 . 2013. 1,9%, 5.654,6 . 2014, 5.765,8 . 2013. , 2014 23,2 . , - 2014, - 2013., 2014 - 21,3 . 2007-2008 , .

50 ..

2014. - 3.611 . , 6.029 . 2013, 4.006 . , 6.446 . 2013. -

30,9. , 26,9 . , - 14%.

, , - . - 2013 2014 -

- - (rebate claw back) 100 . 4172/2013 ( 167), () 1 - 2013. 2014 217,5 . , - 6,8%. -

2014 2014 2014

25

. , 2014 - 48,3 . - (), - 2011 2012 , .

24,4%

24,4% 2014, 1.544,5 ., 1.241,4 . 2013. , , (EBIT) 56,9 . : () 54,2 . () - 11,5 . . , , - 2014 99,5 .. , , - (EBITDA) - 162,6 . , 10,6%. - , - 10,8 . , 15,6 .. - , , 31,8 . . 51,6 ., 48 . . O ( ) 1.170,9 ., 31%. - 3,8 . , 53% - , 555 . .

31 2014 - 414,3 . , 355,3 . 31 - 2013.

Aegean 10,1

, , Olympic Air - Aegean Airlines 10,1 - , 7% (912 . ), 31% EBITDA 53% 2014. 80,2. , 52,5 . 2013. 0,70 . , 2 . , 300.000 , 1 ( ) 700.000 . 112 ., 218 . 31 2014, - Airbus. Airbus , , 2016.

Attica Bank 23,4 .

49,9 . 2014 Attica Bank, - 112,3 . .

, 50,8% - -18,8 . 2014, -38,1 . 2013.

QUEST 2014 Quest. 315 . , 6,9%. -

3.025 . , 2.149 . . - 8.177 ., - .

MLS - MLS 2014. 58% - 14,38 . .

44% 1,68 .. - 0,1360 . , 21,1 . , 19,5 . . - 2,4 . .

( 17

2014 2014 2014

26 2015

90 . , 153,3 . 2013. - 23,4 . , 42,2 . , . 355 . . 4 . . 110 ., 100 . , 10,5% . 546,3 . , 436,4 . 31 2013. 3,3 . , 1,8%. 3,7 . , - . 1 (CET 1) 9,7% 7,1% .

2014

, 2014 . - 29%, 50,6 . , - (+108%) , , . , 49% - , , , - . , 2% -

, . - , (EBITDA), , 16%, 8,1., 2014 7,0 . 2013, - . EBITDA, -, +27%, 5,1. . , - , , -1,9. , -4,5 . 2013. , - . 2015, - -. , Avon, - 2015. , , .

17,9 . ), - (EBITDA 2,26 2,48) - ( 1,45 1,66) . 1,6 . , - , . , - 4,6 .. , - 17,77 . .

2014. 1. 2014, 0,6 . 2013. 76 ., 2013, 75 .. ( 1,97 ), - 5%, P/BV 0,83, P/E 8,9, -

( ) 4,6 . .

2014, 140 . , 328 . . 2,02 . , - . , 57 . , EBITDA 110 . .

2014 2014 2014

28 2015

K - , -. Phoenix Capital, - , - 2007! , Phoenix Capital. - , 1 , . , , . - - , , , .

H . 2015,

, S&P 500 +16% Stoxx 600. , FTSE All-World 5%. - -, , , , - , 15-20%. , , - , . - - S&P 500 DAX , - , . 2015, - , - -S&P 500. -

S&P 500 2013, 13%. - , . -, - . , - - .

- , - Grexit - . Michael Stobaek, - Credit Suisse, Grexit -. ,

. , , , - . , Grexit -. -.

- . 2013, 1,35% . , - , 68 . 320. -.

GREXIT

, - -- S&P 500

29

, - -. 65% ! 2015 Fitch. , . -, -, . , 61 . , (). QE ING - , .

10 ! 10 . .

( ). - . - 2025 - -0,55%.

QE - William White, , . QE . - , . QE , -.

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, - , . ING Investment Management - . - - . , ING. 2002, - , - .

Fed, - . , - , Fed -

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

, , 2008.

FED

, -

30 2015

- - . , - - (EUR/USD) 1,1000 . , , - USD - , 0,9500 . - - , - . Saxo Bank - -:

1. -: , - USD - . , - , - USD . - - .

2. CFD:

CFD . CFD , , , -. CFD, , - . CFD - , - .

3. : , , - - . , - , - - .

4. : - , - . - - , -, - , USD . , USD, -

- , .

5. : - , , 2015 - . - - , - .

, . 16 , , - 2003, 1,045 . , 11%, 2015 . . -, - , 9% .

Saxo Bank

31

DEGIRO 2014 - . DEGIRO -; DEGIRO 2008, -. 2013, DEGIRO - . , - - . 2014, Euronext, - , , , DEGIRO. DEGIRO, uronext, uronext , ., DEGIRO 15 20-25% . - -. DEGIRO , , - , . , 10.000 . Google, DEGIRO 0,56 . 98% -. DEGIRO -, . , DEGIRO -

, - . - (AFM) (DNB). DEGIRO - . , , DEGIRO - . , - 15 - MiFID (Markets in Financial In-struments Directive). , , , , , , . DEGIRO . , , , , - , , (ETFs), - . DEGIRO, - , - 1 . ( , link: https://www.degiro.gr/bond.html)., DEGIRO 3.000 ETFs . ETFs, - , , - .

DEGIRO 80%

1

32 A 2015

HUMAN RESOURCES

33

- , .

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(, , , , ..) . - - . , - , , . (Human Resource Man-agement) -. -, . , , , - . ,

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34 2015

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Human Resources

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36 2015

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Human Resources

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7. (Labor relations): - -. - , . - , , - , - . - - , ( ) - .

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10. (Organization planning): - -, , , - . , (, , ) . , , , .

11. : - , American Telephone and Telegraph, Texas Instruments .., - , , - , , .. - ( ) - .

, .

37

_o ;.._ . , - -, , . -, (-, ..). strategic business partner , brand, -., - ( HR analytics), - -, , - .. , , - , .

_ - ;.._ AbbVie - 2013, AbbottLaboratories. , , , , , - . , , employeesurveys - . feedback, , - , . , , (.. , , ..) , develop-ment plans mentoring. AbbVie, Best Workplaces 2015, - ( 50 250 ), - . , , - .

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

_ ;.._ British American Tobacco Hellas - . 2015, 4 Best Workplaces, 4 50-250 . 2015. British American Tobacco Hellas TopEmployer 2015 . - , . , British American TobaccoHellas - . , - . - Sales Excellence Awards British American Tobacco Hellas.

,AbbVie

British American Tobacco Hellas

& ManpowerGroup

38 2015

39

H_ , ManpowerGroup (, , - ..). _ 15 , Man-powerGroup , - . , - , .,

- , ManpowerGroupGreece , - - . -, , - . , - , - (Recruitment ProcessOutsourcing), - ,

, - , - , - - (Volume Assess-ment Solutions).

_ - ; - , ;B.._ - - , - , ManpowerGroup - , . , , - . ,

, ManpowerGroup , . ManpowerGroup .

40 2015

- , - , - , - .

_ - ManpowerGroup - ;B.._, - , - , . - , - , - - , , . ManpowerGroup - , , - , - .

_ ManpowerGroup, - ;B.._ - -, , , -. , , - . , , - -

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

_ - - , ;B.._ , , - - , 50% - . - , - -, ,

- , - - . , (hard skills), (soft skills) -, . , - - , , , . , -, , , , , - . , . : - , . , , - , - - .

_ ManpowerGroup - , ;B.._ 15, - , , -

~

41

, - , ManpowerGroup - , . , , - , - . ManpowerGroup - - , - . , , - , - , , - - . - , , - . - , , .

_ , , - , - ;B.._ , - , , . -, ,

. , - , .

_ , -, - ., , , ;B.._, - - , - . - , .

_ , ; , , ;B.._, - - , . -, - soft skills .

ManpowerGroup , , - -, -.

_ - . - ;B.._ , - , , , - , . , , -. - - . - - , - , - -.

ManpowerGroup , ,

42 A 2015

;

43

140,5 . , - 2005. .

, . - 28 . - 137 ., 10 . 2014, 14% . LA . 1 . -, . - , - . . - ELA . , , . - . , -

. . - - , , - - . , 104 . , -. 104 . 49% -, , 56% . , , - 56% .

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

O

,

.

.

~

44 2015

~

, , . - , , , 2014. , 140,5 . 2015, 2015, 148 ., 160,3 . 2014 164,3 . 2014. 2015 20,3 . 5,7 . 2014 - 2015 120,1 . , - 14,1 . - 2014.

2012 - - 2012, . , - 2013 2014 - . 2012 (150,6 . ) 2014 - 13,7 . , 18,4 . 2012( 2012: 168,9 . ) , Alpha Bank. () - () , , 185,25. . -9,41 -23,98 . . () , , - . 2014 (- 2013- 2015,215,19 . ) 2015 - -29,93 . (-13,91%)., 93,82% - . , , -5,45, -13,23 -9,41. . -- 2012. , -12,87 . . 2014- 2015, - -15,94 . . , (40,24%, 33,42% ), (66,33% 56,83%).

2014 2015

0,21 0,17

0,26 0,29

1 1,82 1,81

1,15 1,12

(. )

45

2015 - , - . 15 , - 3,79 . , 1,12%. , - , 0,17% 0,29% . 1,81%. . , - . , - . , , , 9%, - 12%. -, - -.

:

86,5% 2.000

8,5% 2.000 10.000

4% 10.000 50.000

0,6% 50.000 100.000

0,4% 100.000

30 -, 95% - 15 18 . . , 5% 120 . .

- online, , e-banking, - . , Alpha Bank Alpha Online , - 2%, . Eurobank online Live , - 20 . 15 - 1,95% .

EUROBANK

Eurobank . :

-

, -

online

Live Eurobank - online e-banking 1,95%. , , , 5.000 . . , Eurobank - , . - , - .

, ,

ONLINE

46 2015

~

ALPHA BANKALPHA ONLINE

Alpha Bank, , Alpha Online, , - Alpha Bank , . , Alpha Web Banking Alphaphone Banking, , , , - . , AlphaOnline :

-

, -

, -

, 5.000

, Alpha WebBanking Alphaphone Banking

1,75% 2%. , . - 5.000 300.000 , . -, .

E-

e- . 18 1,80%, - 10 - online. , 1,70% 1,96%. - . , - 100% , . - 20.000 . - , 20.000 . 20.000 ,

. e-, - i-bank Internet Banking, - .

WINBANK DIRECT

winbank Direct - . , . 1,85%, , - 12 . - e-banking, bonus 0,15% . winbank Direct - . - . online, :

winbank Direct . , - . winbank Direct 3.000 .

47

200.000 , . 10 . - , (ELA), -, , - . , - . , - 45,8 . 2010. - 2015 Euroxx. , - . , -. - 2016 Euroxx, -. - (NPL), . - . , , - 95 . ., . - , 2010 2012 . 2012, , - () . , , ( , ) 2011 -

. - - 54% ( 46%) .

: () . 2015 - - 2014. 2015, . 2015, - - . , - 2014, ' 2015. , - , . - , 2015.

15 - 4,91%. , - ( , -) , 14,54%. - 19 7,19%. - 6 , - 6,35%. 5

2015

2014 2015

14,50 14,54

6,48 6,35

8,09 7,97

6,74 7,19

48 2015

~

7,97%. - - , 250.000 63 6,06%, 250.000 1 . 4 , 5,19%, 1 . 36 - , 4,86%. , - 8 2,36%.

, , , , , - IFC . , - , . , . , , , - . - , . - , 10.000 30.000 , -. , , 632 12,6 . . JEREMIE, - , - (Alpha Bank, , Eurobank

), . , -. JEREMIE 50% , 50% - JEREMIE . 2015. 2,95% - Alpha Bank. - ., - - JEREMIE FRSP for Entrepreneurship, -, , . , .. , , , , .. , , . , 50%, . , - :

, 2,95%, .

, 2 . .

, 120, 24 .

10 . , , ELA, ,

49

SARGIA Partners

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

, . - - . , . ,

, - . SARGIA Partners . - coach transformational facilita-tor , 1 2015, Ble Pavilion, -, . , . , :

- , - ,

, ,

- ,

-,

-, .

50 2015

51

2014.

2014,

2013, EBITDA

.

~

( . )

2005 4,002

2006 4,299

2007 4,316

2008 4,263

2009 3,787

2010 3,176

2011 2,775

2012 2,516

2013 2,086

2014 1,950

I O O I

H I

52 2015

~

A

2015, , -

. - Wind , , (.. - ) 2014 1,95 . . 15 2 . , . 2009 5,5%. - , 2015, . , 2014. -, , , ' 2014, 2013 (392,2 . , 392,1 . ), 2,9% ( 1,511 . ) - .

2014. - 2014, 2013, EBITDA . - -

3,2%, 4,503 . , 4,654 . . , 3,7%, - 220,971 . 229,362 . 2013. , EBITDA , 2014 15,1%, 1,499 . , 1,302. . 2015 - . , VDSL, , Cosmote 4G 4G+, - ., Vodafone Wind - , . Voda-fone 4G+, Wind 4G. - , , - , - . ' () - , - , , - - .

, - , , -. , - , - .

2015 , . , , Forthnet-Nova. , Cyta . Forthnet . due diligence Forthnet Vodafone-Wind , , . , , -

Wind , , ( ) 2014 1,95 .

53

, Nova. , . Cyta -. Cyta Wind , - Forthnet. - , Cyta. - , - Cyta, - Wind, . , Cyta - 170 . Cyta, 2008 2014. Cyta 327.000 , 14.000 - 7.500 . 10% , - 5.000 ., 70% .

FORTHNET Wind - Cyta , , Vodafone Forthnet. Forthnet, due diligence . Wind, . , - . , - , . ,

, - .

T FORTHNET H - - Forthnet. - OTE Nova Vodafone-Wind . Y OTE 250-300 . Nova, Vodafone Wind 39,5% Forth-net . 1,70 1,90 , 114 127 . . Voda-fone Wind OTE

, , ,

54 2015

~

A

, , - . O OTE - , - , . , Forthnet - -, . , OTE - -. O . K . , - Nova, , , - , . , . , . O - Nova, 250 300 .. ,

(debt free/cash free basis) Nova.

4G/LTE 4G/LTE 72% - 2015. , ( 56%) cloud. , , 75%, video streaming - 4G/LTE.

75% - OTTs 2015 , , . 75%, - , . , 59%, , -, 42%, . - , - LTE, , 30%, 28% 26%, . , , LTE-Advanced - , 15%,10% 8%, .

2014

55

VODAFONE Vodafone Vodafone, , - . - , , - -.

Vodafone Vodafone, - , , - . - , 3 . , . , - , , mobile internet, 3G 4G . - , 4G+, , Vodafone - , .

Vodafone hellas online , 2008 1,5 . , hellas online, 300 . - - . Vodafone hellas online, , , - , - , , , . , , - Vodafone , . Vodafone - Ready Business, - . - , Vodafone , - , - .

,

2015, - , - . - - - ,

, , . Wind 2010 . 4 , - , - , , , - - , . , , - Vodafone. - . , , - . Wind 2014 -: , . , - , , . - , - . . . Wind 2015 - , - , . - 300 . , - 4G , , VDSL. . , Wind - .

WIND

2015

O . , -, , .

. - 2 . , - 1,2 . , . - .

VDSL 50 Mbps 1.400.000 , COS-MOTE 4G, 70% 1 , -. , 2015, COSMOTE 4G+, - LTE Advanced, 300 Mbps, , .

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

. -

, , - - . 65% - , - .

, , - . - , , , My WiFi High Definition Voice COSMOTE.

TV, 80 - HD , 22 , portfolio , , UEFA ChampionsLeague UEFA Europa League, . TV - , - 360.000.

, - , . , - .

, , - 1 .

56 2015

~

A

O

57

2014 . , 2008 40% .

Forthnet, , , 2014 - 2008.

Nova. , Forthnet 2013 3play, .

Nova 3Play - , .

2014, Nova 3Play 363 , 27,4%, - Nova 507 , 12,1% 2013. LLU, 0,6 - , 6,1% broadband. Forthnet, , 270 .

- , . -

, . , , - , . , - , Nova 3Play, . , , - , - .

Forthnet, internet , , , 2015.

Nova GO Nova ova 3Play, . Nova GO, live on demand - Nova, , laptop,tablet, smartphone, 100 . , , - , Nova , Game of Thrones, . , , Nova - .

Forthnet , DNA , .

FORTHNET

I E I

I

~

A

- , -, Cyta 2play . - : , ., , . , ,

, . - , - 13878. , 24 Mbps, - VDSL*. . Cyta - 12 -, , , . 2play www.cyta.gr.

2PLAY CYTA

, !

* 21 /. 4 300 7 600.

59

21,3% 2014

60 2015

~

, 2014 - 71.218 , 58.694 , 15,

. - - . , - , 7.500 ( , ), , 4.355 . Toyota, 8.020 . facelift , supermini , Yaris , Auris Aygo - . A VW, - , . Opel , Corsa, , - 2015. Nissan, -. Fiat Hyundai Ford, Fiesta supermini . Focus ondeo -

. pre-mium Mercedes, BMW Audi. Volvo.

2014 ( supermini) . : -, ( - ), , , , , . (Yaris4.164, Corsa 4.028, Polo 3.000, Fiesta 2.474, Micra 2.083, Clio1.861 C3 1.784). , Astra, Golf, Octavia. Golf, , - . Qashqai,

Nissan. M -, ... , Panda . best seller Fiat, , , -, .

~

To 2014 , 21,3% 2013.

61

SUV, Q3 , Suzuki SX4, BMW X1 ini Countryman. mini Fiat, Panda 2.000 500 1.162 . Yaris, Corsa Polo supermini, Qashqai, Golf Auris . stra Volvo V50 -. , , Octavia. , , image . BMW, Mercedes CLA C-Class.H Mercedes -Class, BMW, Superb 6. , - Mercedes-BMW Audi, Volvo, . Scirocco 25 , 10 MiniCoupe 8 Mini Roadster. , PV Note - , 1.068 , 186 500L 178 Skoda Roomster. 2015 -, 15-20% 2014. - , .

. 10% 2015

10% ( +11% ) . - , . , , -o, - , , , ., , - -, ! , , , . , , deals . - - . o, , - Landini, -, - . - Shell, - 30% . ,

, , 7.500

2014

TOP 10 H

1. oyota Yaris 4.164

2. Opel Corsa 4.028

3. VW Polo 3.000

4. Ford Fiesta 2.474

5. Nissan Qashqai 2.085

6. Nissan Micra 2.083

7. VW Golf 1.955

8. Fiat Panda 1.898

9. Renault Clio 1.861

10. Citron C3 1.784

62 2015

-. , ( Jaguar Land Rover, ), - ., , -, , :

.

free float .

- .

222,1 . 2014

222,1 . 2014, 14,4% - 2013, 19%, 174,0 . . 10,8%, - 20,9% 15%, . 55,5 . 17,9 . , 11% 8,4%, -. , EBITDA 13,6 . , 4,6 . .

49,9%, -3,5 . , -7. 2013. 2014 - 22,4 . , 29 . 2013, 19,2 . , 23,4 ..

2014

2014 - (, ) - . - EBITDA. 2015 , - . - :

: 2014 35,97 . , 2013 29,16. , 23,3%. 25,18% 34,37 . , 27,45 . 2013.

EBITDA: , , , , +1,71%, -1,68% 2013. +1,83%, -1,71% .

-: 2014, - 8,6 . 8,9 .

63

2013, 2,98%. , - 2014 7,4 . , 2013 7,6 . , 3,01%.

: 2014 683 . , 1,8 . 2013. , 559 ., 2013 1,6 . .

: - 668 . , 2013 1,6 . . 534 . , 1,5 . 2013.

TOYOTA

Toyota -, , 2014 . , Toyota, - 9.052 , , -, 8.020 , 11,3% , , 1.032 - 21,1%. , Toyota, . , - 2014, : 2014 oyota, - , , - . 2014 76.106 - 2013 62.125 (+22,5%). , oyota oyota , 2014 11,9%. - - oyota, . , - .

2015 , 15-20% 2014

64 2015

65

mobility, - mobile social, - , -

, - IoT(Internet of Things) , - , Mobility Forum & Apps Awards 2015, - Ethos Events, bIT & Mobile portalbitdaily.gr, (), Divani Caravel .

To Mobility Forum & Apps Awards 2015 - , , mobile (smartphone-tablet-monitor), - software start-ups ,

.

(Livecasting & streaming) 1.500 , mobility.ethosevents.eu.

, Palmos Analysis, (3) tablet PC, . , 83.

web-app Conferience ( Conferience.com web-app , browser -, tablet , . Conferience , ).

MOBILITY FORUM & APPS AWARDS 2015

MOBILITY

To Mobility Forum & Apps Awards 2015 , , mobile (smartphone-tablet-monitor), software startups , .

66 2015

~ Mobility Forum & Apps Awards 2015

Mobility Forum-

cloud Internet of the Things (IoT), - mobility , --, , , -

. mobile - . mobile internet, , - Mackinsey .

, GRECA( ), multi chan-nel omni channel, -, mobility , . ,

mobile Google , mobile applications .

, -

(), - , , , , - . 25 . 5 , , - . business model - . as a service.

, (), Business process De-construction and Re-construction usingnew technologies, -, , - quantum improvement, o mobility , - (9,3 . mo-bile).

, , Put Your Business in Motion.Build a mobile enterprise, , - . -, analytics data, cloud, mobile social, .

67

, - , , , , - , -, , Nextgeneration access Net neutrality.

, Web & Mobile R&D director SoftOne Technologies, : Open Enterprise.

Change the way you do business, mobile. - . -

data .

Panel I, Apps 4G, : , Web &Mobile R&D director, SoftOne Technologies, , , -, Espen Tranoy, managing director, First Data Hellas, , chief executive officer, Voice Web SA.

. - , , -. business - IT .

. , , - desktop banking, apps , - .

E. Tranoy , -, back end - developers.

. , customer experience . interfaces, . , .

Panel I: Apps 4G: , : , Web & Mobile R&D Director, SoftOne Technologies, , / , , Espen Tranoy, Managing Director, First Data Hellas, , Chief Executive Officer, Voice Web SA

68 2015

~ Mobility Forum & Apps Awards 2015

Workshop Accenture, Mobile Applications for the Digital Con-sumer and the Digital Enterprise, . , Accenture, mobility: , mobile , desktop mobile, sensors, apps - , . , Digital, digital channels 15% . , Silvestre Milia, manager AccentureMobility, , , marketing, loyalty schemes, - , - , .

, CEO & founder Vision Mo-bile, adjunct professor, Lund University, Sweden, - data IoT , , , - . , - , IoT. Apple Watch, , tablet smartphone, -

- .

Panel II, : ,, , -, : , chief technicalofficer, Vidavo , , BMW i manager, BMW GroupHellas, , CEO & founder, Vision Mobile, ad-junct professor, Lund University, Sweden, , , Telenavis .

. , , - . . - , -. Nokia, PDA tablet. . , , -

Panel II: : , , : , : , BMW i Manager, BMW Group Hellas, , Chief Technical Officer, Vidavo A.E., ,CEO & Founder, Vision Mobile, Adjunct Professor, Lund University, Sweden, , & , Telenavis A.E.

69

i-drive multimedia . - gadget. i-drive -, , multimedia.

. platforms - IoT . - Google, pple. . . , 2025, .

. - , , - . 2025, - .

, business Apps, , SiEBEN, software, cloud

marketplaces, - (ERP), - ERP . tradable - -. startups. cloud marketplaces . -, SiEBEN 12 startup.

, chairman & CEO Effect Communi-cation, Marketing disruption in Mobilitytimes branding Digital, - digital transformation brand -

, marketing sales customer support. .

Panel III, Apps world, , , partner Anchorstone Partners, -: , , , , , , , Marcel Cremer, attorney at law-CIArb Ac-credited Mediator, Cremer & Partners.

O . , , startups , - - , . , funds , ROI (Return on Investment). human capital - R&D labs. . - . 8 startups 3 , taxi beat maga.

O . , - . skills . value - . . - . , , .

M. Cremer startups, , - . startups . - - . . 500-600 . startup nation. -. , .

Mobile World Congress: , -, , - Mobile World Congress, , 40 120 . -

70 2015

~ Mobility Forum & Apps Awards 2015

, - Growing the Ecosystem - , . , Silicon Valley , . O , - -, . O Hellenic Mobile Cluster, - - , , -, ..

Panel IV, : , 8 - Mobile World Congress 2015 - . , : , , - MWC 2015, CEO Cytech, -, institute director/head of Integrated Systems Laboratory, , , Marketing & Salesdirector, Geotag Aeroview AE, , VP Business De-velopment, Incelligent AE, , Product Develop-ment director, M-Stat , , , Regate AE, , team leader, Vendor &Cloud Division, Singular Logic AE, , , Social Media co-ordinators, & - , .

, - , - . social media, (spin-off) Claret. - mobility , . startup Incelligent, - Big Data Analytics - telecom operators IT LTE-WiFi . M-Stat MWC 2015 - sms, mobile apps payments , -, , . . O MWC, enter-prise mobility. (eternal corporate culture), Singular Logic -, - social media - content .

Panel III: Apps world, : , Partner, Anchorstone Partners: , Partner, Anchorstone Partners, . , , .., , , , Marcel Cremer, Attorney at law-CIArb Addredited Mediator, Cremer & Partners

71

forum :

- ,Communication & PR Manager, Ethos Media S.A. .: 210 998 4901 e-mail: voulgaraki.s@ethosmedia.eu

72 A 2015

-

73

- -

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

- . -, - . , -

, , . , - , - , - . -, -, . , . , - , - , . , - . , - . . , uro-

,

~

74 2015

~

life ERB A , - - , , . , -, - , (..) . , , - , . - -. , Gen-erali. , - : , . 2060, - 7,9 6,5 , 2010. baby-boom , . , - , , - , - .

, - - . - , . -, - . , - . -, - . . , senior manager Mar-keting & Affinities International Life, : - , , . - (2 ) (3 ) . -. , , Solvency II, - . - , - -.

75

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

, - World Bank . , -, . , - , , . , , , , , . - -, ,

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

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

. : ,

, Eurolife ERB, Generali International Life

76 2015

~

urolife ERB A,

, , - , -, . , - . , 30 - 65 , - 120 ( 2,0%). 40 (215 ) - 65 .

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

. , , - . - . , -, .

Senior Manager Marketing & Affini-ties International Life

, 35 - 500 , 65 , 166 . 500 360 - , 2010, .

- , - - , . , , , , - . , , , . , , 401(k), , - . - , . , , 2 , - 3 , .

. : ,

77

. - Solvency II - - , Target Date Retirement Funds, - . , - . - , .

Generali

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

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

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

, , . , . , - ., , . -, ( ) - ( ). -, . T - , ., - , .. unit linked . Generali, Pension Master Plan, - , . , Junior Master Plan, - -, .

78 2015

[Bloomberg Ticker: OPAP: GA, Reuters Ticker: OPAPr.AT]

:

( ) . ( ) , , , 2020 2030. 1958 - 2001. 2014 .

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

2014, -

, 2,01 . , - 1,52 . 266,67 . .

, - - 0,45 2014 ( 0,20 ).

- , : (1) , , - - , , (2) , , (3) - - , (4) , (5) - (6) .

(08/04/2015) 8,60

. (.000) 319.000

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: , , VRS.

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

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

, ( 2009 2014)

( . ) EV / / P/ P/BV EBITDA ROE

(*) (EBITDA) (x) (x) (x) (x) %

2009 5.440,9 1.781,0 966,8 946,9 593,8 4,6 4,4 2,1 0,0 96%

2010 5.140,0 1.654,0 911,3 889,6 575,8 4,8 3,9 2,3 0,0 83%

2011 4.358,5 1.413,4 734,2 699,7 537,5 5,1 3,1 3,9 0,3 60%

2012 3.971,6 1.302,1 673,8 638,2 505,5 5,4 2,4 3,8 0,2 43%

2013 3.711,1 1.219,9 221,7 187,8 141,1 19,4 2,4 12,0 0,1 13%

2014 4.259,1 1.377,7 346,5 305,6 195,0 14,1 2,2 7,1 0,0 16%

(*) . : . : 2015, 2014 /

79

,

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

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

15,00

13,00

11,00

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7,00

5,00

27/03/2014 17/05/2014 07/07/2014 27/08/2014 17/10/2014 07/12/2014 27/01/2015 19/03/2015

120,00

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80,00

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I H H ( , 52 )

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( 2009 2014) . 2009 2010 2011 2012 2013 2014 5.440,93 5.140,02 4.358,49 3.971,63 3.711,06 4.259,07

( .) 4.284,19 4.078,77 3.465,65 3.155,79 2.976,28 3.411,91

% 21,3% 20,6% 20,5% 20,5% 19,8% 19,9%

593,79 575,80 537,46 505,49 141,12 195,00

% 10,9% 11,2% 12,3% 12,7% 3,8% 4,6%

699,59 657,49 195,89 463,29 242,06 297,42

0 0 0 0 0 0 1,17 0,43 0,48 0,72 0,88 2,98

2 3 4 3 3 8 35,51 44,55 51,65 27,86 34,89 92,25

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80 2015

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