DGAP-Media: Lloyd Fonds Aktiengesellschaft: Lloyd Fonds will be fully released from all contingent liabilities
(firmenpresse) - Lloyd Fonds Aktiengesellschaft / Enterprise
21.04.2010 13:03
Dissemination of a Media Release, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Ship pipeline dissolved in full under the terms of the bank agreement
- Rising placement figures planned for 2010; company intending to break
even
- Investor interest opening up prospects of fresh finance and liquidity
Hamburg, April 21, 2010. Lloyd Fonds AG has reached an agreement with its
banks providing for its full release from liability as a basis for securing
its future. Under this agreement, the banks have discharged the
Hamburg-based issuing house for closed-end funds from all liability under
the guarantees and bonds (contingent liabilities) which it has issued.
'With this agreement, which is currently unrivaled in our industry, we are
now able to concentrate in full on our business and build the foundations
for a successful future for Lloyd Fonds,' said Dr. Torsten Teichert, chief
executive officer of Lloyd Fonds AG.
In return for the release from the liability arising from guarantees and
contingent liabilities valued at EUR 230.2 million (as of December 31,
2009), Lloyd Fonds will be paying the banks compensation of a maximum of
EUR 20 million by 2014. However, under the terms of the agreement, Lloyd
Fonds has the option of substantially reducing the release compensation to
EUR 12.5 million by making a once-only payment of this amount in 2010. If
it makes a once-only payment in 2011, the liability release compensation
will come to EUR 13.65 million. The company assumes that it will achieve
full release from its liabilities this year.
Pending full release, the banks undertake to waive recourse to the bonds
and guarantees issued by Lloyd Fonds. This moratorium will remain in force
until the end of 2014.
Lloyd Fonds AG's principal shareholders are supporting these plans by
agreeing to cede 2.8 million of their shares, equivalent to around 22
percent of the total volume outstanding. The proceeds from the sale of the
shares, for which the existing shareholders have a defined buyback right,
will accrue to the participating banks.
Release of liability and repositioning securing the basis for future growth
At the same time as the liability release proceedings, Lloyd Fonds has been
engaged in negotiations with financially strong potential investors. They
are convinced of the company's long-term growth potential and consider the
agreement reached with the banks to offer a favorable entry into the German
investment product market.
Lloyd Fonds expects an increase in placement volumes in 2010 thanks to the
extensive plan of action as well as the general economic recovery. 'We have
set ourselves a clear target for 2010: We want to place equity of EUR 150
million and break even,' says Teichert. On the one hand, this is to be
achieved by further additions to business in the real estate asset class.
On the other, the company will continue to concentrate on transport and
plans to launch several innovative fund products, including in the cruise
vessel segment, this year.
Liability release the result of successful restructuring work
Lloyd Fonds underwent extensive restructuring in the previous year as part
of which contingent liabilities and liability risks were reduced,
accompanied by an ongoing focus on real estate and transport products as
well as sustained cost-cutting. In addition, the Company reduced its risk
exposure at an early stage; since the third quarter of 2009, for example,
the ship pipeline has been reduced swiftly from 29 to 18 ships. Under the
terms of the liability release agreement, the company has now emptied its
ship pipeline in full.
'This comprehensive plan of action convinced our banks of Lloyd Fonds'
continued viability. The liability release is the result of our successful
risk management efforts since the beginning of the crisis in autumn 2008,'
explains Michael F. Seidel, the member of Lloyd Fonds AG's management board
responsible for finance and sales.
2009 figures reflecting market contraction
As expected, the global economic crisis and the slump in the shipping
markets exerted heavy pressure on Lloyds Fonds AG's sales and earnings in
2009. Against the backdrop of the sustained weak demand for closed-end
investment funds, Lloyd Fonds placed equity of EUR 58 million last year. As
a result, sales came to only EUR 20.0 million, well down on the previous
year (2008: EUR 48.1 million). The loss of EUR 59.9 million sustained at
the EBIT level (previous year loss of EUR 4.3 million) was caused by a
series of exceptionals, which accounted for 87 percent of this loss. Most
of these exceptionals are related to the recognition of the liability
release payments to the banks as well as impairment losses on financial
assets. As a result, more than half of the company's share capital has now
been consumed. As of the end of the year, Lloyd Fonds had share capital of
EUR 1.8 million in accordance with IFRS. In the singe-entity financial
statements prepared in accordance with German GAAP (HGB), the company had
an equity shortfall of EUR 2.3 million. 'It is necessary for all negative
exceptionals to be digested in the 2009 financial statements so that Lloyd
Fonds can ultimately emerge strengthened from the crisis. The positive
going-concern opinion submitted by KPMG has strengthened us in our resolve
and provides the basis for our future,' said Seidel.
Lloyd Fonds Group financials
EUR millions 2009 2008
Sales 20.0 48.1
Issuing income 10.2 17.3
EBIT -59.9 -4.3
Consolidated loss for the year -63.6 -4.6
EBIT margin (%) -299.2 -9.0
Return on sales (%) -317.4 -9.5
Equity 1.8 66.3
Equity ratio (%) 1.7 59.0
Loss per share (EUR) -5.0 -0.36
Headcount (annual average) 121 157
About Lloyd Fonds AG:
Lloyd Fonds AG is one of the top arrangers of closed-end funds in Germany.
Since 1995, the Hamburg-based company has initiated 100 funds with an
investment volume of around EUR 4.4 billion. Lloyd Fonds concentrates on
two main asset classes - transport (ships and secondary-market funds) and
real estate. To date, more than 52,000 subscribers have placed equity of
over EUR 1.95 billion in Lloyd Fonds AG investment funds. 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).
Lloyd Fonds AG contact information:
Amelungstraße 8 - 10, 20354 Hamburg, www.lloydfonds.de
Press:
Stefanie Martens, Susanne Jobst
Tel: 040.32 56 78-133 or -210
Fax: 040.32 56 78-99.
E-Mail: stefanie.martens(at)lloydfonds.de or susanne.jobst(at)lloydfonds.de
Investor Relations:
Carolin von Below
Tel: 040.32 56 78-127 or -148.
Fax: 040.32 56 78-99.
E-Mail: carolin.von-below(at)lloydfonds.de
21.04.2010 13:03 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Lloyd Fonds Aktiengesellschaft
Amelungstr. 8-10
20354 Hamburg
Deutschland
Internet: www.lloydfonds.de
End of News DGAP-Media
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Datum: 21.04.2010 - 13:03 Uhr
Sprache: Deutsch
News-ID 19412
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