Friday, June 01, 2007

Italease Falls as Clients May Lose EU400 Million on Derivatives

would be interesting to know who the clients are.... i can smell write downs.....and with net income of 197 mio € in 2006 this is "not insignificant" ratings are already at the weakest a rating! looks like they will have higher funding costs in the future.......

wäre nett zu wissen wer dort daneben liegt.....hier kann man größere abschreibungen förmlich riechen....und mit einem nettogewinn von 197 mio € in 2006 kann das extrem schmerzen.... zudem liegt deren rating schon jetzt auf dem schwächsten a rating. hier werden wohl bald deutlich höhere finanzierungskosten drohen........

June 1 (Bloomberg) -- Banca Italease SpA shares dropped as much as 13 percent after the Italian leasing company said its clients have accumulated potential losses of 400 million euros ($537 million) on derivatives contracts.

The stock declined 3.28 euros, or 9 percent, to 33.30 euros at 11:18 a.m. in Milan, giving the company a market value of 3 billion euros.

Italease's management will meet with customers in coming days to discuss the losses, the Milan-based company said late yesterday in a stock-exchange statement. The negative positions accumulated by Italease's clients widened to 400 million euros from 225 million euros at the end of 2006, the company said. The lender has already put aside 8.3 million euros of provisions.

here the official link to their investor relation site http://www.italease.it/investor/

UPDATE: stock closed down down 20%!

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