LAIQON AG — Earnings Release 2007

Nov 8, 2007

News Details

Corporate | 8 November 2007 07:15

Lloyd Fonds AG still on its growth trajectory with record volumes

Lloyd Fonds Aktiengesellschaft / Quarter Results/Interim Report

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Equity placements of EUR 373 million
Secondary market subsidiary TradeOn established
Still on track to meeting full-year guidance for net profit and equity
placements

Hamburg, November 8, 2007. Hamburg-based Lloyd Fonds continued its
successful expansion trajectory in the third quarter of 2007, with total
equity placements coming to EUR 373 million in the period from January
through September, thus marking a new record in the Company’s history. In
the third quarter alone, which is traditionally weak due to the summer
break, investment products worth roughly EUR 79 million were placed in the
market, up EUR 46 million on the same period one year earlier. In the first
nine months of the year, the Company continued its product diversification
strategy. Thus, closed-end ship funds accounted for around 58 percent
(previous year 77 percent) and the open-end ship fund LF Open Waters OP,
which is particularly targeted at institutional investors (launched in
December 2006), 16 percent of equity placements. Other asset classes –
particularly aircraft, real estate and traded endowment policies –
contributed 26 percent (previous year: 23 percent). 'By spreading placement
volumes across numerous asset classes and investor groups, we are able to
place our retailing activities on a broader footing,' explains Dr. Torsten
Teichert, CEO of Lloyd Fonds AG. 'Demand for the new asset classes as well
as the generally unabated inflow of retailing inquiries concerning
established products testify to the high appeal of investments in tangible
assets and not only in times of uncertain markets.'

Profit up despite exceptional charges
Sales in the third quarter surged by some 112 percent over the year-ago
period, rising to EUR 18.7 million thanks to strong placement figures as
well as income from project structuring, the arrangement of financing and
management activities in equal measure. Gross profit in the third quarter
climbed by EUR 4.3 million to EUR 11.4 million. At EUR 5.7 million, EBT was
well up on the year-ago figure of EUR 4.8 million. Net profit for the
period came to EUR 4.0 million, marginally lower than in the previous year.
Nine-month net profit equals EUR 11.1 million, down from EUR 12.8 million
in 2006. Whereas additional profit of EUR 2.7 million was earned from the
sale of a ship in the comparison periods, the impairment loss incurred in
connection with the US apartments and heavy spending on personnel and
services took their toll in 2007. Adjusted for these factors, the figures
reported for the comparison periods would have been substantially exceeded.

Entry into the secondary market for closed-end funds
In the third quarter of 2007, Lloyd Fonds established TradeOn AG, a wholly
owned subsidiary specializing in the purchase of shares in the secondary
market for closed-end funds. TradeOn is not a trading platform but buys
shares initiated by Lloyd Fonds and other parties and then structures these
to form new products. The preparation and start-up costs for TradeOn are
already digested in full in the figures for the first nine months.

Additional personnel resources on all levels
Michael F. Seidel became new chief financial officer at Lloyd Fonds AG on
September 1, 2007, coming to the Company from the Hamburg Max Bahr Group,
prior to which he had been in charge of group finances at the Otto Versand
Group. In his function as the Company’s CFO, he is also responsible for
financing and controlling the associated entities which Lloyd Fonds has
established or plans to establish. At the same time, Lloyd Fonds’ average
headcount increased to 126 in the first nine months of 2007 as a result of
the Company’s business expansion and diversification, up from 93 at the end
of September 2006. Holger Schmitz, previously COO Products, left the
Management Board on August 31, 2007 at his own request but will remain with
the Company in his capacity as the managing director of the open-end ship
fund.

Guidance confirmed by business performance to date
On the strength of the retailing successes of the first three quarters,
Lloyd Fonds assumes that equity placements for 2007 as a whole will be
valued in a range between EUR 450 million and EUR 470 million, up from the
original forecast of EUR 420 million. Consolidated profit for the year of
EUR 20 million is expected, compared with EUR 19 million in 2006.
Accordingly, the forecasts stated in the interim financial report for the
first half of the year continue to apply. In addition to a further aircraft
fund and a fund investing in Dutch real estate, another ship fund is in the
pipeline for the fourth quarter. What is more, the sale of a ship is
expected to generate profit.

Key financials of Lloyd Fonds AG (Group) as of September 30, 2007 in EUR
millions

(in EUR millions)
9M 2007 9M 2006 Delta Q3 2007 Q3 2006 Delta
Sales 67.2 51.2 +31.3% 18.7 8.8 +111.7%
Non-issuing
income 13.3 10.5 +26.3% 5.4 4.8 +11.9%
EBIT 14.9 12.8 -13.7% 5.7 4.8 +19.2%
Consolidated profit
for the period 11.1 12.8 -13.7% 4.0 4.3 -6.7%
Return on sales 16.5% 25.0% -8.7 pp 21.6% 48.9% -27.3 pp
EBIT margin 22.2% 29.7% -7.5 pp 30.5% 54.1% -23.6 pp
Earnings per
share (in EUR) 0.87 1.01 -13.7% 0.32 0.34 -6.7%
Equity
placements 373 230 +62.2% 79 33 +139.4%
Number of investors,
cumulative 42,779 28,579

Balance sheet 9/30/2007 9/30/2006 Delta
Total 105.6 96.7 +9.2%
Shareholders’
equity 76.0 74.2 +2.3%
Equity ratio 71.9% 76.7% -4.8 pp

Employees 9M 2007 9M 2006 Delta Q3 2007 Q3 2006 Delta
Headcount
(annual average) 121 93 +33.9 % 140 99 +41.4%
Personnel expense 9.2 6.6 +39,7 % 2.8 2.2 +30.5%
Personnel expense
ratio 13.7% 12.9% +0.8 pp 15.2% 24.6% -9.4
pp

Contact:
Dr. Goetz Schlegtendal
Lloyd Fonds AG
Amelungstraße 8-10
20354 Hamburg
Tel: +49-40-325678-0
Fax: +49-40-325678-99
Mail: ir@lloydfonds.de

08.11.2007 Financial News transmitted by DGAP

Language: English
Issuer: Lloyd Fonds Aktiengesellschaft
Amelungstr. 8-10
20354 Hamburg
Deutschland
Phone: +49 (0)40 32 56 78-0
Fax: +49 (0)40 32 56 78-99
E-mail: info@lloydfonds.de
Internet: www.lloydfonds.de
ISIN: DE0006174873
WKN: 617487
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart

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