Market digest Friday, December 30, 2022

Fear & Greed Index

The fear and Greed index created by momentum, leading and lagging indicators of the market.

FEAR & GREED INDEX FAQS

What is the CNN Business Fear & Greed Index?

The Fear & Greed Index is a way to gauge stock market movements and whether stocks are fairly priced. The theory is based on the logic that excessive fear tends to drive down share prices, and too much greed tends to have the opposite effect.

How is Fear & Greed Calculated?

The Fear & Greed Index is a compilation of seven different indicators that measure some aspect of stock market behavior. They are market momentum, stock price strength, stock price breadth, put and call options, junk bond demand, market volatility, and safe haven demand. The index tracks how much these individual indicators deviate from their averages compared to how much they normally diverge. The index gives each indicator equal weighting in calculating a score from 0 to 100, with 100 representing maximum greediness and 0 signaling maximum fear.

How often is the Fear & Greed Index calculated?

Every component and the Index are calculated as soon as new data becomes available.

How to use Fear & Greed Index?

The Fear & Greed Index is used to gauge the mood of the market. Many investors are emotional and reactionary, and fear and greed sentiment indicators can alert investors to their own emotions and biases that can influence their decisions. When combined with fundamentals and other analytical tools, the Index can be a helpful way to assess market sentiment.

20-12-22 WSJ market coverage

The broader meaning of Fintech and what includes.

The term "FinTech", which is the short form of the phrase financial technology, involves companies or representatives of companies that combine financial services with modern, innovative technologies. As a rule of the thumb, new market participants offer Internet-based and application-oriented products. FinTechs generally aim to attract customers with products and services that are more user-friendly, efficient, transparent and automated than those currently available. 

In addition to offering products and services to the banking sector, there are also FinTechs that distribute insurance and other financial instruments or provide third-party services. In a generalised sense, the term "FinTech" includes companies that simply provide technology (such as software solutions) to financial institutions for the provision of services.

It is also not possible to define the term "Fintech" based on legislation or legal documents. FinTech companies are subject to different types of legal and regulatory obligations due to their different business models and the highly diverse products and services they offer

Companies in the FinTech industry can be divided into four broad segments according to their distinct business models. By analogy with the traditional value-added segments of a universal bank, FinTechs can be distinguished on the basis of: 

1.Involvement in finance

2. Involvement in asset management

3. Payment management

4. Other FinTechs (set of companies performing other functions).

Segments of the FinTech industry

The financial sector includes a segment of FinTech that makes financing available for both individuals and businesses. This segment can be further divided into FinTechs whose operations are based on the participation of a large number of contributors by providing the financial resources to achieve a common goal (crowdfunding) and those that offer debt buyback services or credit without the participation of the crowd (credit & factoring services).

The asset management sector includes FinTechs offering advice, sale and management of assets, as well as aggregated personal wealth (personal investment) indexes. This section is also further subdivided into subsections: Social trading where it is a form of investing in which investors (or "followers") can observe, discuss and copy the investment strategies or portfolios of other members of a social network (Liu, 2014). Robo-advice refers to portfolio management systems that provide algorithm-based investment advice and highly automated investment decisions (ESA, 2015). 

Personal financial management (PFM), including FinTech companies offering private financial planning, in particular for the management and presentation of financial data using software or app-based services. Finally, it also includes traditional banking products, such as a cash account with certain IT functions. By making effective use of technologies, these FinTechs can offer traditional banking products more economically and quickly, as well as more user-friendly functionalities.

The payments sector is a generic term referring to FinTechs whose applications and services involve national and international payment transactions. Included under this category is the blockchain and cryptocurrency subsection, which includes FinTechs (e.g. Binance) that offer virtual currencies (cryptocurrency) as an alternative to standard fiat money. As with legal tender, it is possible to save, use and exchange cryptocurrencies with banks being as intermediaries (BaFin, 2016). As with most other digital payment systems, a blockchain is used to secure electronic transactions. With this technology, all transactions are registered and stored on various servers. This makes it very difficult to falsify information (Grinberg, 2011). Even companies that do not offer cryptocurrencies themselves, but exclusively blockchain technology for financial services, are included in the category of blockchain and cryptocurrencies.

The Other FinTechs segment describes FinTech firms that cannot be classified by the other three traditional banking functions, namely finance, asset management and payment transactions. FinTechs that offer insurance or facilitate the acquisition of insurance are included in the insurance subsection. These FinTechs are often also referred to as InsurTechs. Among other things, they offer peer-to-peer insurance, in which a group of insured persons join together and assume collective liability in the event of losses. If no loss occurs within the group, there is partial reimbursement of the premium (Wolff-Marting, 2014). In addition, FinTechs of search engines and comparison sites, which allow internet search, comparison of financial products or financial services and FinTechs providing technical solutions for financial service providers are included in the Technology, IT and Infrastructure subsection.

References:

BaFin, 2016. Virtuelle Wahrungen/Virtual currency (VC). [Online] 

Available at: https://www.bafin.de/DE/Aufsicht/FinTech/VirtualCurrency/virtual_currency_node. Html

ESA, 2015. Joint committee discussion paper on automation in financial advice. European Supervisory Authorities. [Online] 

Available at: https://www.eba.europa.eu/documents/ 10180/1299866/JC+2015+080+Discussion+Paper+on+automation+in+financial+advice.pdf

Grinberg, 2011. Bitcoin: An innovative alternative digital currency. Hastings Science and Technology Law Journal, Volume 4, pp. 159-208.

Liu, Y.-Y. N. J. C. O. T. M. M. &. A. Y., 2014. Prospect theory for online financial trading. [Online].

Wolff-Marting, 2014. Peer-to-Peer- und Friend-to-Friend-Versicherungsmodelle und die Herausforderungen aus IT-Sicht. [Online] 

Available at: http://blog. versicherungsforen.net/2014/02/pee

19-12-22 WSJ market coverage

Law of One Price and the exchange rate with the current exchange rate (spot price) expressed with real buying power (1lt milk) in 4 major markets

The law of one price is an economic theory which argues that the price of the same good or service should have the same price worldwide regardless of location when certain factors are taken into account. These factors place market constraints on the fact that there are no transaction, transfer or legal restrictions. Assuming that the exchange rates will be the same and there is no price manipulation either by buyers or sellers.

The law of one price was developed because of its Arbitrage property, with the result that differences between the prices of goods or services in different locations are eliminated as prices are balanced by the equilibrium forces of the market by aligning the prices of the asset.

The direct nominal exchange rate is calculated as the domestic currency (euro) to the foreign currency and is respectively:

Currency pair	Spot Exchange	PPP	Real exchange
EUR	1	1	1
EUR/DKK	0.13	0.11	1.19
EUR/USD	0.90	0.67	1.33
EUR/JPY	0.0073	0.0057	1.27

The Purchasing Power Parity (PPP) is calculated as the quotient of the prices of goods (1lt milk) of the domestic to foreign market. Comparing the direct exchange rate and the exchange rate based on the law of one price we conclude that the currencies of Denmark, America and Japan are devalued by 16% 25% and 22%.

Also as a measure of comparison can be done by subtracting the base currencies of the real due to exchange rates. This way we compare the prices of goods with each other, finding that the most expensive milk is in America, then in Japan, followed by Denmark with the domestic market having the cheapest product.

The annual interest rate according to official sources of the central banks, the exchange rates of the spot market of currencies (based on the euro) are as follows:

Ισοτιμία	Exchange Rate	Interest rate
EUR	1	0%
EUR/DKK	0.12	-0.6%
EUR/USD	0.94	0.5%
EUR/JPY	0.0072	-0.1%

 
The annual interest rate of the euro area remains at 0%, with Denmark and Japan, respectively, having a negative interest rate of -0.6% and -0.1% respectively. Finally, the annual US interest rate is 0.5%. With the euro remaining stable, the krona and yen are depreciating and the dollar is appreciating. That is, they now need more crowns and yen to earn one euro but fewer dollars to earn one euro.

Reasons that can justify M&A in the financial sector and what may be the possible causes of their failure

A merge or acquisition in the financial sector can be defined as the combination of two or more institutions into one new institution or institution. The main difference between a merger and an acquisition is the way in which the two companies are merged. In both cases the mergers and acquisitions mean a change in management where this is one of the main reasons why they take place. There are many reasons why one institution chooses to merge or acquire another. The underlying ratio is determined by a number of considerations and incentives to reduce costs and increase revenue.

Some of the motivations are the strategic reasoning for achieving a set of strategic goals, where after all it can be aggressive to increase the size of the institution, the opening to a new market, product differentiation. Also fundamentally defensive where the merger and acquisition with another company in order to maintain its competitive position in the market. A M&A can arise through speculative logic where the buyer sees the acquired company as a commodity. The acquired company can be a player in a new and growing sector, where the acquiring company wants to participate in the potential profitability of this sector without committing to a significant strategic expansion.

On the grounds of management failure, M&A may sometimes be necessary in an institution due to mishandling, and the rationale of financial necessity pushes the institution into a mandatory merger or acquisition by a more successful institution or even a smaller one. most successful.

In addition to the major mergers and acquisitions mentioned above, there are a number of incentives that drive a merger. The most important incentives are to reduce costs and increase revenue. Typical reasons for M&A to reduce costs are the acquisition of a specific skill owned by another company, access to national and global capital markets and the entry of financial firms into new geographical areas or product markets, globalization (firm establishment), reductions in tax liabilities through entry into markets of milder regulators, through economies of scale and range by offering more products and complementary products respectively. In order to increase revenue through product diversification with greater market share, larger size allows for better customer service, increased monopoly power and competition with other institutions with the ability to increase prices as well as size allows greater tolerance. in portfolio risks and risk decisions.

Merger and acquisition decisions and incentives without maximizing the value of the foundation can be implemented for managerial purposes such as personal goals as well as in activities to maximize the benefit to executives to the detriment of shareholders.

It is not uncommon for state intervention to force an acquisition when a weakness in a financial institution is identified through control mechanisms. It will force its acquisition as it is one of the most effective methods for resolving troubled banks, with liabilities and assets being absorbed by another sound institution. In the case of state mergers. when for reasons of society as a whole it forces to merge institutions (eg to avoid bank bankruptcy) for the resolution of the crisis.

If a merger goes well, the value of the new institution should be assessed positively as investors expect synergies to be achieved (ie combining the value and performance of the two institutions), creating cost savings or even increasing revenue for the new institution. . However, in the event that executives face obstacles, the post-completion agreement will lead to a host of problems, characterizing it as a disastrous merger or acquisition.

Investor's risk in the event of a change in interest rates on bond market

Even if an investor wants to actively manage his portfolio, he should study in detail what the behavior of the bonds is based on their maturity, their yields and in the event of a change in interest rates. An increase in interest rates will lead to a reduction in the prices of all bonds. 
One risk to consider is that the issuance rates of new bonds also change the returns required by investors to buy or sell bonds already issued. Bond prices correspond in the opposite direction to interest rates, in which case an increase in interest rates will result in a fall in the prices of all bonds. Another risk is the decision to choose a bond based on the maturity time, where the longer the time, the more volatility it will have due to the change in interest rates. As well as the percentage change in the price of the bond increases with a decreasing course when the maturity of the bond increases. But even in the case of an equal change the yield at maturity will not be symmetrical in any case. Finally, the investor should calculate the risk in the behavior of interest rates, where the smaller the interest rates of the bond, the greater its volatility in price, as interest rates change.
In summary, the investor should calculate the risks based on the bond maturity maturity parameter and the amount of the issue interest rate, ie the bond interest rates he wishes to add to his portfolio. These two factors are the interest rate risk.

How the development in bond prices and yields are related to investment financing costs and consequently with economic activity

According to the law of supply and demand, bond prices behave similarly to those of other derivatives. That is, as demand increases, bond prices increase and correspondingly, when demand decreases, bond prices decrease, provided that the other factors remain stable. In the event of a change in supply, the increase reduces the price of the bond, while the decrease in supply will increase the price of the bond. 

Price and yield of bonds are characterized by a negative relationship, with each change of one moving the other in reverse. So an investment financing by increasing the bond offer to finance a company, this increase in the bond offer has the effect of reducing their price and increasing the yield of the bonds. A similar behavior can be seen in the case of government securities with the tactic of reducing the bond market, with the ultimate goal of raising interest rates in the economy, known as quantitative easing (QE) with bond prices falling and interest rates (yield) ) to increase. 

In both cases the behavior of the basic economic equilibrium is observed with the decrease of the price to increase the yield of the bond with the corresponding increase of the price to decrease of the yield itself. 

Total assets of "Big Banks" in Europe and US by total asset cap

The total assets of commercial banks in both systems under consideration may differ (€ 37 trillion in Europe and $ 23 trillion in US dollars), but the ratio of the sum of the 20 largest banks in each system to the industry as a whole (ie of Europe and the USA respectively) continues to be close. This can be understood if we look back to the past where the trend of consolidation began to emerge, initially as National Unification which offered opportunities to reduce costs through mergers in the domestic market. Then due to the global economy, with an emphasis on cross-border mergers leading to an even smaller number of banks with large financial institutions offering a variety of retail services from simple deposits and short-term loans to large venture capital fund management.

The shrinking numbers of banks in both systems, with the 20 largest commercial banks in each system accounting for 85% and 82% in the US and Europe. The ultimate goal in mergers is for commercial banks from mergers and acquisitions, so that through range savings the additional services offered reduce the average cost, as well as economies of scale where offering a larger volume of services in an expanded market manages to reduce overall costs. Through merger you achieve the ultimate goal of reducing costs, accessing new markets, offering new services and consolidating large financial institutions by gaining a large share of the domestic and global market.

Recent (2007 onwards) banking crises in Iceland

The Icelandic banking crisis has resulted in the bankruptcy of the three major private commercial banks, Kaupthing, Landsbanki and Glitnir, which accounted for more than 80% of the financial system at the end of 2008, with confidence in banks gradually weakening, leading to sharp devaluation of the Icelandic krona increasing the difficulties of refinancing short-term debts and depleting their deposits.

The main reason was the overgrowth of banks' balance sheets, at a total of ten times Iceland's GDP and with a large share of both foreign assets and liabilities. The Central Bank of Iceland (CBI) could not act as an external lender in foreign currency as its foreign exchange reserves and foreign credit lines did not meet the needs of the banks. A government bailout was also ruled out as the state's resources were scarce compared to the size of the problem and would risk a state bankruptcy.

The first reaction to the financial crisis through the Emergency Liquidity Assistance (ELA) proved to be insufficient, with banks being insolvent with incorrect and unreliable valuations of their assets.

It led the authorities to pass an emergency law that provided for three measures. First, the mandate of the Ministry of Finance to provide funds for restructuring or the creation of new banks. Secondly, the supervisory authorities should take control of the bankrupt banks. Third, the priority of paying off customer deposits over general, unsecured receivables from bankrupt banks.

The problem of the domestic operations of the banks was solved by the separation of the domestic activities from the old bank to a new bank with the aim of maintaining the basic banking services, from these activities abroad. With the Icelandic authorities protecting home deposit holders who had uninterrupted access to their accounts.

The decisions of the Icelandic authorities led to a reform of the banking system structure by reviewing the supervisory instruments and increasing the level of capital required by the banks. Assistance was provided by the International Monetary Fund (IMF) to finance the budget deficit, and capital controls were introduced to launch the IMF program and stabilize the value of the Icelandic krona. The program lasted until 2011, gave credibility in dealing with the Icelandic crisis and stabilized markets.

Descriptive
		Inflation rate		GDP Growth rate
N		27		27
Mean		0.0477		0.0281
Std. error mean		0.00684		0.00700
Median		0.0399		0.0400
Standard deviation		0.0356		0.0364
Minimum		0.0155		-0.0700
Maximum		0.155		0.0900

Plots

   

Basel III and IRB approach

The Basel Pact emphasizes capital requirements as a safeguard for the financial institution to absorb future risky losses when all reserves have been depleted. Initially, a capital adequacy ratio (RAR asset risk ratio) of 8% was set, which is an international measure of creditworthiness but also the minimum acceptable level of capital risk coverage of banks. New improvements to include operational risk have prompted new methods to be included in the denominator of the capital adequacy ratio, with the minimum constant remaining constant at 8%. The assessment of credit risk at the denominator of the capital adequacy ratio can be done in two ways.

In the standard approach, where the weighted credit risk weights are based on the ratings of external credit rating agencies. With the risks undertaken by a bank to be determined according to the rating of the counterparty based on external evaluation procedures. (That is, low creditworthiness counterparties are weighted with a high risk factor).

The internal grading approach, which includes two versions depending on the level of internal grading systems. First, the fundamental method of internal rating systems where the calculation of the estimated probability of default is required. Secondly the advanced method of internal rating systems which must calculate the losses and the exposure of the counterparty in case of default. Using the basic method, the estimation of the probability of default is made by the banking institution itself, while the other estimates of the risk factors are determined by the supervisory authorities.

The internal risk-based credit risk approach is a complex framework that allows banks to model their own inflows to calculate weighted assets more accurately, resulting in a more accurate calculation of capital requirements. Extensive flexibility in the development of internal models has therefore been formulated to allow for a high degree of risk sensitivity, ie more appropriately tailored to bank portfolios. To be eligible for an internal approach assessment, banks will have to meet certain minimum requirements, requirements and approval by the national supervisory authority. The basic premise of the Internal Assessment (IRB) approach is that differences in risk weight from different reports should ideally reflect differences in the underlying risk of these reports, including portfolio structure, customer characteristics and transactions, and internal risk management procedures. Given this hypothesis, the outcome model of the IRB Approach should ideally lead to similar capital requirements in banks with similar portfolios, with the exception of some justified by differences in risk profiles.

Basel III sets two new banks' liquidity ratios to cover a bank's liquidity needs in extreme scenarios aimed at eliminating investment and financing mismatches in the short term with the regulation of liquidity ratio and liquidity ratio. with the Net Fixed Financing Ratio (NSFR).

Monetary policy of ECB and FED during COVID outbreak

The two central banks faced the pandemic with a completely different approach. The European Central Bank (ECB) has increased funding and set up emergency financial assistance with the ultimate goal of boosting market liquidity, as opposed to the US Federal Reserve, which has taken a different approach by lowering interest rates. cash flow in the market but with rising inflation. As far as the banking sector is concerned, both central banks have taken measures to stimulate programs and financing, as well as to supervise them, with the auditing authorities playing a key role in monitoring liquidity and market equilibrium. In terms of the big picture, the Fed decided to follow a more innovative course with facilities and support for the flow of credit, in contrast to the ECB, which followed a more ordinary course, usually increasing the asset purchase program.

As a measure of comparison, we will take the inflation rate as it is an indicator that reflects the stability of the economy, being a tool of the central banks based on the policy and the support measures they have taken. The smooth course of EU inflation without much fluctuation in contrast to that of the US, indicates a stable economic situation without the outcome of abrupt changes. The Fed's primary goal was to increase inflation through interest rate cuts. It seems that the rapidly desired increase has led to an undesirable result compared to the relatively smooth increase achieved by the European Central Bank through the support packages it received.

USA inflation rate

EU inflation rate

USD/JPY important historic overview

Bellow the scatter diagram of open and close price from 01/01/2016 till today. Very similar and opposing dates as all these years passed a climate of recession, coronavirus, slow and fast economic rhythms of development.  

Scatterplot

The linear regression developed taking open price as unchanged dependent variable with moving highs, lows and eventually the closing price of the day. Very robust data with dates 2016-2020 were selected on proposed.  

Linear Regression

Model Fit Measures
Model		R		R²
1		0.998		0.995

 

Model Coefficients - Open
Predictor		Estimate		SE		t		p
Intercept		0.0643		0.1961		0.328		0.743
High		1.0065		0.0162		62.154		< .001
Low		0.7089		0.0156		45.579		< .001
Close		-0.7168		0.0208		-34.425		< .001

Assumption Checks

Q-Q Plot

Ανάλυση ρευστότητας, αποδοτικότητας και δραστηριότητας "TERNA S.A" 2020

Η αποτίμηση της ρευστότητας «ΤΕΡΝΑ ΑΝΩΝΥΜΟΣ ΤΟΥΡΙΣΤΙΚΗ ΤΕΧΝΙΚΗ ΝΑΥΤΙΛΙΑΚΗ ΕΤΑΙΡΕΙΑ» υπολογίζεται βάση χρηματοοικονομικών δεικτών, αρχικά της γενικής ρευστότητας αποτελώντας την ταχύτητα στην οποία μπορεί να μετατραπεί σε χρηματικές μονάδες τα ρευστά περιουσιακά στοιχεία της εταιρείας προσδιορίζοντας την βραχυχρόνια οικονομική κατάσταση και της ικανότητας να ανταποκρίνεται στις βραχυπρόθεσμες υποχρεώσεις. ΔΚΡ εκτιμάται στις 1,02 μονάδες, προκύπτοντας αφαιρώντας προκαταβολές αξίας 39.610.000€ του κυκλοφορούν ενεργητικού καθώς δεν θα ρευστοποιηθούν σε χρήμα ή χρηματικό ισοδύναμο. Η διαχρονική αύξηση 8,5% μεταξύ θέσης 2019 και 2020 υποδηλώνει μία ευνοϊκή κατάσταση στην ικανότητα της να ανταποκρίνεται στις τρέχουσες υποχρεώσεις με την επιχείρηση να διατηρεί μετρητά και διαθέσιμα σε τράπεζες για να καλύψει ανάγκες ρευστότητας για περιόδους έως 30 ημερών. Τα κεφάλαια για τις μεσοπρόθεσμες ανάγκες ρευστότητας αποδεσμεύονται από προθεσμιακές καταθέσεις της.

Η απόδοση στις λειτουργικές δραστηριότητες της επιχείρησης αποφέρουν κέρδη, με την τιμολογιακή πολιτική της να ελαχιστοποιεί το κόστος των πωλήσεων με δείκτη μεικτού κέρδους 6,5%, ο χαμηλός δείκτης αποτελεί ένδειξη ότι η επιχείρηση έχει προβεί σε επενδύσεις συμμετοχικών τίτλων συγκριτικά με χρήση του 2019 κατά 54.000€, αυξάνοντας το κόστος παραγωγής των προϊόντων. Αντίστοιχες συνολικές δραστηριότητες την ζημιώνουν, καθώς πληροί αδυναμία της τιμολογιακής πολιτικής της να ελέγχει τα λειτουργικά έξοδα (σχεδόν ισοδύναμα του κύκλου εργασιών), χρηματοοικονομικά έξοδα και φόρους. Η απόδοση των Ιδίων κεφαλαίων της επιχείρησης είναι 3,8% μαρτυρώντας την μόχλευση 5,9 και στον χρηματοοικονομικό κίνδυνο όπου είναι εκτεθειμένη.

Όσον αφορά την δραστηριότητα της επιχείρησης, χρησιμοποιούμε τον δείκτη κυκλοφοριακής ταχύτητας αποθεμάτων (με χρήση του κόστους πωλήσεων στον αριθμητή) ο οποίος μας προσδιορίζει την αποτελεσματικότητα στην διαχείριση των πόρων με σκοπό τη δημιουργία πωλήσεων. Ως αποτέλεσμα παίρνουμε ότι τα αποθεματικά ανακυκλώνονται για τη δημιουργία πωλήσεων κατά μέσο όρο 64,6 φορές τον χρόνο ή ότι το μέσο προϊόν παραμένει στα αποθεματικά κατά μέσο όρο 5,5 ημέρες προτού πωληθεί. Αυτός ο αυξημένος ρυθμός μας δικαιολογείται από την σχέση της αυξημένες δραστηριότητας της επιχείρησης στην ταχύτητα κυκλοφορίας του ενεργητικού της και με τα έσοδα τα οποία δημιουργούνται για κάθε επενδυμένο ευρώ στο ενεργητικό της. Ο δείκτης ΚΤΕ=0,5 μας δείχνει ότι για κάθε πώληση επενδύθηκαν τα διπλάσια ποσά στο ενεργητικό της.

Ρευστότητα επιχείρησης:

Δείκτης Γενικής Ρευστότητας 2020=(Αποθέματα+Απαιτήσεις+Διαθέσιμα)/(Βραχυπρόθεσμες Υποχρεώσεις)=484.159.000/470.781.000  =1,02

Δείκτης Γενικής Ρευστότητας 2019=(Αποθέματα+Απαιτήσεις+Διαθέσιμα)/(Βραχυπρόθεσμες Υποχρεώσεις)=453.120.000/482.041.000=0,94

Ποσοστιαία μεταβολή Δείκτης Γενικής Ρευστότητας 19|20=((1,02/0,94)-1)×100=8,5

Δείκτης Άμεσης Ρευστότητας 2020=(Κυκλοφορούν Ενεργητικό-Αποθέματα)/(Βραχυπρόθεσμες Υποχρεώσεις)=446.683.000/470.781.000  =1,02

Απόδοση επιχείρησης:

Δείκτης Καθαρού κέρδους 2020=(Συνολικά Αποτελέσματα)/Πωλήσεις=(-18.781.000)/445.082.000×100=-4,2%

Στα Συνολικά Αποτελέσματα έχει ενσωματωθεί ο Φόρος εισοδήματος 5.408.000€

Δείκτης Μεικτού κέρδους 2020=(Μικτά αποτελέσματα)/Πωλήσεις=29.084.000/445.082.000×100=6,5%

Δείκτης Απόδοσης Ιδίων Κεφαλαίων 2020=(Καθαρά λειτουργικά κέρδη)/(Ίδια κεφάλαια)=5.728.000/150.182.000×100=3,8%

Συντελεστής Μόχλευσης=(Συνολικό Ενεργητικό)/(Ίδια κεφάλαια)=885.076.000/150.182.000=5.9

Δραστηριότητα επιχείρησης:

Δείκτης Κυκλοφοριακής ταχύτητας αποθεμάτων 2020=(Κόστος Πωλήσεων)/Αποθέματα=415.998.000/6.437.000=64,6

Ημέρες παραμονής προιόν στα αποθεματικά 2020=12/64,6×30=5,5

Δείκτης Κυκλοφοριακής ταχύτητας ενεργητικού 2020=Πωλήσεις/(Σύνολο Ενεργητικού)=445.082.000/885.076.000=0,5

ΟΙΚΟΝΟΜΙΚΕΣ ΚΑΤΑΣΤΑΣΕΙΣ "ΤΕΡΝΑ Α.Ε"

Περιγραφή στοιχείων ισολογισμού και δραστηριοτήτων καθώς και ΚΑΧ της ανώνημης εταιρείας "TERNA S.A" 2020

 Η «ΤΕΡΝΑ ΑΝΩΝΥΜΟΣ ΤΟΥΡΙΣΤΙΚΗ ΤΕΧΝΙΚΗ ΝΑΥΤΙΛΙΑΚΗ ΕΤΑΙΡΕΙΑ» έχει στη διάθεσή του Ενεργητικού της Ασώματα Πάγια αποτελώντας δεικτικά χρηματικής αποτιμήσεως αξίας 1.184.000€ καθώς επίσης Ενσώματα πάγια υλικών αγαθών 52.284.000€. Τα Δικαιώματα χρήσης των παγίων ανέρχονται στα 6.539.000€. Έπειτα από επανεκτίμηση της εύλογης αξίας επενδυτικών ακινήτων προέκυψε 7.438.000€ αξία χαρτοφυλακίου ακινήτων και συμμετοχή της εταιρείας σε θυγατρικές και κοινοπραξίες με 123.529.000€, 57.659.000€ αντίστοιχα. Επεκτείνοντας την χρηματοοικονομική δραστηριότητα οι Επενδύσεις σε συμμετοχικούς τίτλους είναι 8.172.000€ όπου αφορούν σε μετοχές μη εισηγμένων τίτλων. Λοιπές μακροπρόθεσμες απαιτήσεις της επιχείρησης μη συμπεριλαμβανομένων των παραπάνω είναι 60.057.000€ και Αναβαλλόμενες φορολογικές απαιτήσεις οποίες εκτιμώνται 14.445.000€. Στην διάθεση έχει αποθέματα αξίας 6.437.000€ αποτελώντας Εμπορεύματα, Προϊόντα, Πρώτες-βοηθητικές ύλες. Έχει Εμπορικές απαιτήσεις προς πελάτες αξίας 186.557.000€, και απαιτήσεις από συμβάσεις με πελάτες 77.008.000€. Οι Προκαταβολές και λοιπές Απαιτήσεις από ένα σύνολο λοιπών βραχυπρόθεσμων χρηματοοικονομικών απαιτήσεων είναι αξίας 63.466.000€. Οι Απαιτήσεις από φόρο εισοδήματος είναι 12.506.000€ και Χρηματικά διαθέσιμα από Καταθέσεις Όψεως και Προθεσμίας σε τράπεζα 177.795.000€. ΣΥΝΟΛΟ ΕΝΕΡΓΗΤΙΚΟΥ 855.076.000€. Το Μετοχικό κεφάλαιο της Εταιρείας ανέρχεται στο ολοσχερώς καταβεβλημένο ποσό των 55.460.000€ και Διαφορά υπέρ το άρτιο 62.702.000€, με τα Αποθεματικά στην κατοχή της να είναι 53.802.000€ με Κέρδη εις νέον της θέσης του 2020 στα 21.782.000€. Στις Μακροπρόθεσμες υποχρεώσεις υπάγεται ο λογαριασμός των Δανείων της επιχείρησης σε τράπεζες με 102.749.000€, οι Μακροπρόθεσμες Υποχρεώσεις από μισθώσεις 3.411.000€ και Λοιπές μακροπρόθεσμες υποχρεώσεις στις 115.492.000€. Η Μακροπρόθεσμη υποχρέωση στις λοιπές προβλέψεις της επιχείρησης θέσης του 2020 αντιστοιχεί στο σύνολο του 9.101.000€. Πρόβλεψη για αποζημίωση προσωπικού βάση ελληνικού εργατικού δικαίου ανέρχεται 2.868.000€. Αναβαλλόμενες φορολογικές υποχρεώσεις με φορολογικό συντελεστή 24% είναι 492.000€. Η επιχείρηση οφείλει σε Προμηθευτές βάση αυτών και Επιταγές/γραμμάτια πληρωτέα 149.742.000€. Μέσο Βραχυπρόθεσμου Δανεισμού εξ-ολοκλήρου σε ευρώ 89.054.000€ και Μακροπρόθεσμες δανειακές υποχρεώσεις που πρέπει να αποπληρώσει στους επόμενους 12 μήνες 7.856.000€. Βραχυπρόθεσμες υποχρεώσεις αποτελώντας από μισθώσεις τραπεζικές και τρίτων 2.262.000€. Υποχρεώσεις από συμβάσεις με πελάτες 182.486.000€  και Δεδουλευμένες και λοιπές βραχυπρόθεσμες υποχρεώσεις 36.820.000€. Μέρος υποχρεώσεων από παράγωγα 0. Ο Φόρος εισοδήματος πληρωτέος της θέσης 2020 ανέρχεται 2.561.000€. ΣΥΝΟΛΟ ΙΔΙΩΝ ΚΕΦΑΛΑΙΩΝ ΚΑΙ ΥΠΟΧΡΕΩΣΕΩΝ 855.076.000€. 

Ο Κύκλος Εργασιών της κατάστασης αποτελεσμάτων χρήσης του 2020 ανέρχεται σε έσοδα της τάξεως των 445.082.000€ με Κόστος Πωλήσεων 415.998.000€ (Μικτό κέρδος 29.084.000€). Επιπλέον συγκαταλέγουμε τα έξοδα διοίκησης και διάθεσης, έξοδα έρευνας και ανάπτυξης 24.895.000€ και 1.017.000€ αντίστοιχα. Τα λοιπά έσοδα της επιχείρησης του αποτελέσματος χρήσης 2020 στα 2.556.000€ (Σύνολο προ φόρων χρηματοδοτικών και επενδυτικών αποτελεσμάτων 5.728.000€). Τα Καθαρά έξοδα χρηματοοικονομικής λειτουργίας επήλθαν σε 3.835.000€ με επιπλέον Ζημίες από πώληση συμμετοχών και χρεογράφων 140.000€ καθώς και σε αποτίμηση αυτών με αντίστοιχες ζημίες 18.645.000€. Ο φόρος εισοδήματος με σταθερό συντελεστή 24% είναι 5.408.000€. Τα επόμενα αποτελέσματα αφορούν την αποτίμηση συμβάσεων αντιστάθμισης κινδύνων ταμειακών ροών με προθεσμιακές συμβάσεις ανταλλαγής επιτοκίων 759.000€, συναλλαγματικές διαφορές μετατροπής από ενσωμάτωση εκμεταλλεύσεων εξωτερικού 2.795.000€ και τον φόρος εισοδήματος που αναλογεί στα ανωτέρω αποτελέσματα 182.000€. Η αποτίμηση επενδύσεων σε λοιπούς συμμετοχικούς τίτλους 107.000€, αναλογιστικά έσοδα από προγράμματα καθορισμένων παροχών 87.000€ και φόρος εισοδήματος των ανωτέρω αποτελεσμάτων 47.000€. Συνολικά αποτελέσματα αποτελέσματος χρήσης μείον 18.781.000€.

ΟΙΚΟΝΟΜΙΚΕΣ ΚΑΤΑΣΤΑΣΕΙΣ "ΤΕΡΝΑ Α.Ε"