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LAIQON AG — Earnings Release 2012
Aug 9, 2012
5417_rns_2012-08-09_ea7574d9-d262-4129-b3aa-5d3b046424d7.html
Earnings Release
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Corporate | 9 August 2012 08:30
First half of 2012: Lloyd Fonds AG remains in profit-making territory
Lloyd Fonds Aktiengesellschaft / Key word(s): Half Year Results
09.08.2012 / 08:30
First half of 2012: Lloyd Fonds AG remains in profit-making territory
– Consolidated net profit of EUR 0.2 million in the first half of 2012
– Cost-cutting program resulting in substantially reduced expenses
– Systemic focus on core skills in shipping and real estate
Hamburg, August 9, 2012. Lloyd Fonds AG has continued the favorable performance achieved in the first three months of the year, generating total sales of EUR 7.1 million in the first half of 2012 (previous year EUR 6.0 million). Thus, earnings before interest and taxes (EBIT) came to EUR 0.6 million during this period, reversing the previous year's loss at the EBIT level of EUR 5.1 million. As a result, Lloyd Fonds was able to post consolidated net profit of EUR 0.2 million at the end of the first half of the year.
This was materially due to the successfully implemented cost-cutting program, which resulted in substantial savings in staff and material costs in particular. Thus, staff costs and net other operating expenses were reduced by 25 percent over the first half of 2011 from EUR 8.9 million to EUR 6.7 million. Earnings were additionally buoyed by the sale of the company's entire share in Feedback AG as well as fair-value remeasurement gains on the investment in TVO. At a total of EUR 13.0 million, equity placements were down on the previous year's figure of EUR 14.6 million, although it should be noted in this connection that no restructuring capital has been collected this year (previous year EUR 7.7 million).
Systemic focus on core skills in shipping and real estate
In the first half of 2012, Lloyd Fonds AG continued focusing on its further strategic development particularly in the two core asset classes of shipping and real estate. By concentrating on its core skills, Lloyd Fonds AG is underscoring its strengths as an asset specialist and responding to the growing importance of asset management under the new AIFM directive, which takes effect next July. In this connection, one material strategic objective is to expand institutional business, which will grow in importance as a result of the new directive. To this end, Lloyd Fonds Consulting GmbH was incorporated in May 2012 and will be marketing special-purpose funds once it has received a license under the German Banking Act.
In the shipping asset class, the prime task will be to steer existing business through the current crisis as effectively as possible. Lloyd Fonds is currently working with a renowned banking partner on the development of a viable restructuring model for existing ship funds. In addition, it will be developing innovative structures for future new business as soon as this is permitted by market conditions.
Lloyd Fonds AG's real estate asset class is concentrating on residential, office and commercial real estate primarily in Germany. In the period under review, five assets were exclusively secured in Hamburg, Bremen, Hannover and Ulm. In institutional business, the Company plans to arrange its first special-purpose fund investing in German residential real estate.
'With market conditions generally still challenging, the net profit that we generated in the first half of the year confirms our decision to focus on our core skills in shipping and real estate and to systematically continue our cost-cutting program. The task which we now face is to make use of the strategic opportunities from the new AIFM directive arising for us as a listed company,' says Torsten Teichert, CEO of Lloyd Fonds AG.
About Lloyd Fonds AG:
Lloyd Fonds AG is one of the top arrangers of closed-end investment funds in Germany. Over its history, which now spans more than 15 years, the Hamburg-based company has initiated 105 funds with an investment volume of around EUR 5.1 billion. Research company FondsMedia has awarded Lloyd Fonds the 2010 Seal of Sustainability. In July 2011, Lloyd Fonds was named by Deutsches Institut für Service-Qualität (DISQ) as the fund arranger with the best service and the greatest transparency in relations with subscribers and retail partners. In addition, Lloyd Fonds AG received the Scope Transparency Award in October 2011. Lloyd Fonds specializes in alternative real investments in the transport and real estate segments. To date, over 53,000 subscribers have placed equity of around two billion euros in investment funds arranged by Lloyd Fonds AG. Lloyd Treuhand GmbH is responsible for subscriber relations. Lloyd Fonds has been listed on the Frankfurt stock exchange since 2005 (WKN 617487, ISIN code DE0006174873).
Investor relations:
Marcel Wiskow Tel: 040.32 56 78-174 or -148. Fax: 040.32 56 78-99.
E-Mail: [email protected]
End of Corporate News
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| Language: | English |
| Company: | Lloyd Fonds Aktiengesellschaft |
| Amelungstr. 8-10 | |
| 20354 Hamburg | |
| Germany | |
| 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 |
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| 181047 09.08.2012 |