Hledat v komentářích
Investiční doporučení
Výsledky společností - ČR
Výsledky společností - Svět
Týdenní přehledy

Detail - články
DEXIA posts 1Q12 € 431m net loss – EGM held today

DEXIA posts 1Q12 € 431m net loss – EGM held today

9.5.2012 14:41

Dexia Group posted a 1Q12 net loss € 431m of which € -416m were linked to continuing operations and € 15m to discontinued operations. This non audited result does not take into account potentially negative value adjustments related to the disposal of Banque Internationale a Luxembourg.
1Q12 earnings were mainly impacted by non-recurring items, for a total pre-tax amount of € -286m. They include: 
-  € 128m pre-tax running fees paid to Belgium, France and Luxembourg based on the outstanding guaranteed debt;  
-  € 145m impairment on participation capital in Kommunalkredit Austria, and; 
-  € 102m adjustments linked to the disposal of DMA.

The € 484m gain achieved through the buy-back of the perpetual non-cumulative (Tier 1 hybrid) securities issued by Dexia Funding Luxembourg and Dexia Crédit Local was not booked through profit and loss but had a direct positive impact of 86bps on the Group's Core Tier 1 compared with the end of December 2011. The core Tier 1 ratio remained unchanged vs. year-end.
At the end of March, Dexia's total consolidated balance sheet amountedto € 399bn, down € 14bn q/q. This balance sheet reduction resulted from the underlying trend of a decrease (€ -6.5bn) in outstanding loans from the "core" Public and Wholesale Banking and a reduction (€ -4.7bn) of the Legacy Division's total assets. In addition, the size of the balance sheet was also impacted by the increase of long-term interest rates, leading to a reduction in collateral posted by the Group (€ -4.8bn).
Core shareholders' equity amounted to € 7.6bn (6.7% core Tier 1 ratio) including the 1Q12 reported loss. Other comprehensive income (OCI) stood at € -8bn improving by € 1.6bn q/q, essentially driven by the reduction in the AFS reserve explained by a spread tightening on sovereign credits, mainly Italy and Poland as well as on Spanish covered bonds. Risk weighted assets stood at € 86.5bn.

Our View:

As long as we have no sight on the final scope of the group, further divestment losses to be incurred (mainly DenizBank) and the funding cost + cost of guarantees received, we are unable to establish a proper valuation for a bond hedge fund with no IFRS shareholders’ equity. Dexia’s EGM will take place today at 2:30pm. It will propose to assign Mr. Karel De Boeck as new CEO, replacing mister Mariani.

We maintain our Reduce recommendation and € 0.10 symbolic target.

Nově na Patria.cz - obchodní signály na forexu podle technických indikátorů ADX, Williams R% a klouzavých průměrů!
Váš názor
Na tomto místě můžete zahájit diskusi. Zatím nebyl zadán žádný názor. Do diskuse mohou přispívat pouze přihlášení uživatelé (Přihlásit). Pokud nemáte účet, na který byste se mohli přihlásit, registrujte se zde.
Aktuální komentáře

Související komentáře
Nejčtenější zprávy dne
Nejčtenější zprávy týdne
Nejdiskutovanější zprávy týdne
Denní kalendář hlavních událostí
AvalonBay Communities Inc (09/16 Q3, Aft-mkt)
Luxottica Group SpA (09/16 Q3)
1:50JP - Zahraniční obchod, mld. JPY
2:30JP - PMI v průmyslu
7:00Koninklijke Philips NV (09/16 Q3)
9:30DE - PMI v průmyslu
10:00EMU - PMI v průmyslu
12:55VF Corp (09/16 Q3)
13:30Kimberly-Clark Corp (09/16 Q3)
13:30Sandvik AB (09/16 Q3)
13:30T-Mobile US Inc (09/16 Q3)
22:05Visa Inc (09/16 Q4)