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LAIQON AG — Earnings Release 2009
May 14, 2009
5417_rns_2009-05-14_25abd6f6-039f-458f-b391-da6bb81bda33.html
Earnings Release
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News Details
Corporate | 14 May 2009 07:30
Financial market crisis impacts on quarterly results of the Lloyd Fonds Group
Lloyd Fonds Aktiengesellschaft / Quarter 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.
- Poor market conditions lead to low equity placements and losses in Q1
- Signs of bottoming out since the beginning of March
Hamburg, 14 May 2009. Lloyd Fonds AG continued to be influenced by the
difficult global economy in the first quarter of 2009. In the first three
months of the year, the fund initiator placed equity of EUR 7.2 million
including EUR 1.7 million in existing portfolio funds. The company thus
held steady at the same level as in the previous quarter and performed in
line with the overall market. According to an industry survey conducted by
the German Closed-End Fund Association (Verband Geschlossene Fonds), the
last two quarters were almost identical with a placement volume at around
EUR 830 million. Correspondingly, revenues were at a low level of EUR 3.5
million (previous year: EUR 11.3 million). EBIT came in at EUR -2.2
million, slightly lower than in the previous reporting period (EUR -1,7
million). The first quarter ended with a net result of EUR -3.1 million
(EUR -0,4 million).
CEO of Lloyd Fonds AG, Dr Torsten Teichert, is not anticipating any quick
recovery on the markets this year: 'The level of equity capital placed in
the first quarter was disappointing. But there were signs of the situation
bottoming out towards the end of the quarter and we believe that investor
confidence is slowly on the increase again.'
The closed-end funds market is heavily influenced by the overall economic
trend. The ship markets have been hit particularly hard by the economic
crisis, as shipping volumes have slumped. There was some positive news for
the company in the first quarter in the area of real estate funds, as
attractive properties maintained their value, thus proving to be a
crisis-resistant form of investments. Real estate funds have therefore
become a lot more attractive in comparison to ship funds and have increased
their share of the market. Back at the end of 2007, Lloyd Fonds already
began focusing on German and Dutch real estate and has expanded its
activities in this area considerably. The company launched two new real
estate funds in the reporting period. The 'Holland II' fund is investing in
four properties, around 75 percent of which has been leased to a
public-sector tenant. The 'Hotel am Fleesensee' fund is investing in a
leisure hotel together with the lessee TUI.
CFO Michael F. Seidel commented: 'We have seen a marginal improvement in
equity placements since the beginning of March in spite of the prevailing
difficult market conditions for closed-end funds. We have adapted to the
changes in investors' behaviour by developing new products. In this sort of
environment, it is important that we secure our liquidity in the long term
and continue to generate revenues independently of any new business. Our
high recurring revenues are a major advantage here.'
Experts are very much divided on how the economy is likely to fare for the
rest of the year, and some of the leading research companies are not even
attempting to make any predictions. Likewise, Lloyd Fonds AG is currently
not in a position to make a reliable statement concerning when the markets
will recover and to what extent investors' confidence will be restored. The
company is not expecting any turnaround in the first half of the year. In
the second half, business could be boosted by lower interest rates and the
definitive withholding tax levied on securities investments. The mounting
risk of inflation may also prove to be advantageous to issuing houses, as
experts are forecasting inflation rates of between five and ten per cent
from 2010 onwards. Investors will increasingly turn to tangible assets that
maintain their value as a form of investment that hedges them against
inflation. The various products offered by Lloyd Fonds AG also afford them
this financial protection.
You can find the complete quarterly report under www.lloydfonds.de.
About Lloyd Fonds AG:
Lloyd Fonds AG is a leading issuer of closed-end funds in Germany and
Austria. The Hamburg-based company has placed 100 funds since 1995,
primarily in the shipping, real estate, aircraft and traded endowment
policy asset classes. So far, more than 50,000 subscribers have invested
upward of EUR 1.9 billion of equity in funds initiated by Lloyd Fonds AG,
resulting in an investment volume of some EUR 4.6 billion. Lloyd Fonds AG
established the wholly owned subsidiary TradeOn AG in July 2007, which
specializes in the acquisition of shares in closed-end funds. Lloyd Fonds
has been listed on the Frankfurt Stock Exchange since 2005 (German security
code no. 617487, ISIN DE0006174873).
Contact:
Investor relations:
Carolin von Below
Tel.: +49 (0)40 3256 78127. Fax: +49 (0)40 3256 7899.
Email: [email protected]
Dr Götz Schlegtendal
Tel.: +49 (0)40 3256 78148. Fax: +49 (0)40 3256 7899.
Email: [email protected]
Press:
Stefanie Martens
Tel.: +49 (0)40 3256 78133 or +49 (0)40 3256 78205. Fax: +49 (0)40 3256
7899.
Email: [email protected]
14.05.2009 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, Hamburg, München, Stuttgart
End of News DGAP News-Service