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LAIQON AG — Earnings Release 2009
Aug 13, 2009
5417_rns_2009-08-13_355ce33e-1252-4552-8ff2-25ef4b403b21.html
Earnings Release
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Corporate | 13 August 2009 07:32
Lloyd Fonds AG: Optimistic despite difficult market environment
Lloyd Fonds Aktiengesellschaft / Half Year Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
- Placement figures up three-fold compared with the first quarter
- First-half earnings dragged down by harsh market conditions and
exceptionals
Hamburg, August 13, 2009. Against the backdrop of extremely difficult
market conditions, Lloyd Fonds AG recorded equity placements of EUR 25.1
million including EUR 3.3 million for existing portfolio funds in the
first half of the year. The volume for the second quarter stood at EUR 17.9
million including EUR 1.6 million for portfolio funds, equivalent to a
three-fold increase in placement figures over the first quarter despite a
shrinking market. This increase at a low level was particularly due to
heightened selling activities, with fund subscribers particularly seeking
real estate investments.
However, the performance of real estate products was unable to fully offset
the effects of subscriber restraint in other asset classes as well as the
influence of exceptionals. As a result, the Group sustained a loss before
interest and taxes of EUR -7.4 million, thus reversing the EBIT of EUR 3.4
million achieved in the same period of the previous year. Consolidated net
loss came to EUR -8.7 million in the period under review. Adjusted for
exceptionals, it would have stood at EUR -6.2 million.
Close-end funds still suffering from muted demand
The Association of Closed-End Funds (VGF) reported a further decline in
demand for closed-end funds to EUR 673 million in the second quarter on the
part of the Association members, with total volumes for the first half
coming to EUR 1.5 billion. The Association members' business remained
dominated by real estate funds, while muted demand continued to take its
toll on ship and aircraft funds. Lloyd Fonds AG's ship fund segment
mirrored the overall market, reflecting the excess capacity, low
utilization and expiring charters, which are exerting heavy pressure on the
ship market. Container business in particular has remained in free fall. On
the other hand, Lloyd Fonds AG's real estate fund business outperformed the
overall market for closed-end funds, with placement volumes in this asset
class coming to EUR 12.8 million in the second quarter.
At the end of the second quarter a meaningful forecast for the closed-end
fund market for 2009 was still not possible.
High equity ratio and reduced risks.
With an equity ratio of 59.8% compared with 59.0% as of December 31, 2008,
the Lloyd Fonds Group remains very well positioned. Intensive adjustments
were made to the ship pipeline in the first half of the year to reduce the
Group's risk exposure. Among other things, it was possible to postpone
several delivery dates up to two years. Furthermore, Lloyd Fonds expects
that some of the ordered ships will not be delivered. At the same time,
Lloyd Fonds remains in constant contact with its banks in connection with
funding matters.
'With our strategic realignment, our high recurring revenues and the
improved coverage of fixed costs, we have adjusted well to the sustained
difficulties afflicting the market. 'Even with low placement figures, Lloyd
Fonds is able to weather these turbulent times,' says Dr. Torsten Teichert,
CEO of Lloyd Fonds AG. Tangible assets are an attractive long-term
investment particularly in volatile market conditions and we are convinced
that investor confidence will return once the markets start picking up
again.
On the basis of its current medium-term financial and liquidity planning,
Lloyd Fonds is well positioned at least until the end of 2011 to weather
even a sustained decline in the market barring the emergence of any
exceptionals. This is also thanks to a further reduction in risk exposure
by means of professional risk management.
The full quarterly report is available at www.lloydfonds.de
About Lloyd Fonds AG:
Lloyd Fonds AG is one of the leading arrangers of closed-end investment
fund products and other structured investments in Germany and Austria.
Since 1995, the Hamburg-based company has arranged 100 funds, predominantly
investing in shipping, real estate, aircraft and traded endowment policies.
To date, more than 50,000 subscribers have placed equity of over EUR 1.9
billion in Lloyd Fonds AG funds. In this way, an investment volume totaling
around EUR 4.6 billion has been realized. Lloyd Fonds has been listed on
the Frankfurt stock exchange since 2005 (WKN 617487, ISIN Code
DE0006174873).
For more information on the company:
Lloyd Fonds AG, Amelungstraße 8-10, 20354 Hamburg
Contact:
Investor Relations:
Carolin von Below
Tel: 040.32 56 78-127, Fax: 040.32 56 78-99,
E-mail: [email protected]
Dr. Götz Schlegtendal
Tel: 040.32 56 78-148, Fax: 040.32 56 78-99,
E-mail: [email protected]
Press:
Stefanie Martens
Tel: 040.32 56 78-133 Fax: 040.32 56 78-99,
E-mail: [email protected]
13.08.2009 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: [email protected]
Internet: www.lloydfonds.de
ISIN: DE0006174873
WKN: 617487
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service