Quick news: WestLB results 2011 are out

Yesterday, West LB released its consolidated 2011 results.

On a Group level, the show a slightly negative result after tax. As discussed in the post about the Genußscheine, the relevant result for the finalpayout is however the “AG result”, which is the single company result of the holding company.

They don’t explicitly state the local GAAP result of the holding company, but they tell us the following:

Die Kapitalquoten im Konzern wurden durch das negative Jahresergebnis der WestLB AG auf HGB-Basis belastet. Die Kernkapitalquote betrug am Jahresende 8,8% (i. V. 11,4%), die Eigenmittelquote 13,8% (i. V. 15,9%). Die stillen Einlagen und das Genussrechtskapital der Bank nehmen gemäß den Emissionsbedingungen am handelsrechtlichen Bilanzverlust teil. Der Rückzahlungsanspruch beträgt nunmehr 85,1% für die Genussscheine und 82,9% für die Hybrid Tier 1 Anleihen aus dem Jahr 2005. Zudem unterbleibt für diese Instrumente vertragsgemäß die Zinszahlung für das Jahr 2011.

That means the payout for the Genußschein will be 85.1% plus the 2012 interest of around 2.9% or a total of 88%. This is a little less than in my base scenario, but still a relatively nice gain of around +42% for 10 months with a relativ small amount of risk involved..

Unfortunately, i don’t see too many similar opportunities at the moment.


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