DGAP-News: Relaunch for Lloyd Fonds after liability release
(firmenpresse) - Lloyd Fonds Aktiengesellschaft / Quarter Results
12.05.2010 08:01
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- First quarter dominated by liability release negotiations
- Favorable outlook for 2010: Break-even threshold to be achieved on
placement volumes of EUR 150 million
- New 'Holland Den Haag' real estate fund available for subscription
since April
Hamburg, May 12, 2010. In April, Lloyd Fonds AG entered into an agreement
with its banks to have the company released from its liabilities in full as
a basis for its continued viability. Under this agreement, the creditor
banks will be releasing the Hamburg-based investment fund initiator from
all liability under the guarantees and bonds (contingent liabilities).
The results of these negotiations, which are unprecedented in the
investment product industry, exerted material influence on the first
quarter. At EUR 7.5 million, equity placements matched the previous year's
level following full placement of the Holland Eindhoven fund. The small
volume of placement and structuring income is also reflected in the bottom
line. Thus, a loss of EUR 0.6 million was recorded at the EBIT level,
although this was a substantial improvement over the previous year (loss of
EUR 2.2 million) Exceptionals within net finance expense (EUR 2.2 million)
led to consolidated net loss for the period of EUR 3.0 million (previous
year loss of EUR 3.1 million). This was materially due to a real estate
fund, which it was necessary to temporarily consolidate in full due to the
liability release agreement. Once this fund is deconsolidated as planned,
the non-recurring effects will no longer show up in profit and loss.
'With the liability release, we worked in the first quarter on laying the
foundations for a successful future for the Lloyd Fonds Group and are now
able to devote our undivided attention to our operating business once
more,' said Dr. Torsten Teichert, CEO of Lloyd Fonds AG, upon the
publication of the company's quarterly figures.
Following the successful completion of the negotiations culminating in the
liability release agreement, the Group is now reverting its attention in
full to operating business and interesting openings for new investments. In
fact, the first new product entered the subscription phase in April. The
Den Haag real estate fund marks a further chapter in Lloyd Fonds' success
story. This fund is investing in an office building located in Den Haag
which is leased to two companies of the KPMG Group on a long-term basis. It
has an investment volume of around EUR 35 million including equity of EUR
17.3 million. The previous fund Holland Eindhoven was placed in full in
February after only a short subscription period of three-and-a-half months.
Further lucrative investments are currently being prepared. Lloyd Fonds is
engaged in talks concerning finance for a cruise ship. For this purpose,
the company is developing a new structure which is to be offered to
subscribers by banks and independent retail partners. The fund is to be
launched in the first half of 2010. As well as this, Lloyd Fonds is
readying other projects in the transport and real estate segments for the
second half of the year.
Outlook
Lloyd Fonds expects an increase in placement volumesin 2010 thanks to the
plan of action which it has implemented as well as the general economic
recovery. Against this backdrop, placement volumes of around EUR 150
million are being targeted. At the same time, the company is confident of
breaking even. To this end, it is stepping up its real estate activities,
among other things. Once the new cruise ship fund enters the subscription
phase, Lloyd Fonds expects a substantial improvement in placement figures
and earnings.
The Lloyd Fonds Group's full interim report for the first quarter of 2010
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 in Germany and Austria. Since 1995, the Hamburg-based company
has initiated 100 funds with an investment volume of around EUR 4.5
billion. Lloyd Fonds specializes in tangible asset investments in the real
estate, shipping and transportation segments. To date, more than 52,000
subscribers have placed equity of over EUR 1.9 billion in Lloyd Fonds AG
investment funds. Lloyd Treuhand GmbH is responsible for managing the
Group's relations with its subscribers. 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
Contact:
Investor Relations:
Carolin von Below
Tel: 040.32 56 78-127. Fax: 040.32 56 78-99.
E-Mail: carolin.von-below(at)lloydfonds.de
Dr. Götz Schlegtendal
Tel: 040.32 56 78-148. Fax: 040.32 56 78-99.
E-Mail: goetz.schlegtendal(at)lloydfonds.de
Press:Susanne Maack
Tel. 040.325678-210 or -205. Fax: 040-325678-99.
Email: susanne.maack(at)lloydfonds.de
12.05.2010 08:01 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
Phone: +49 (0)40 32 56 78-0
Fax: +49 (0)40 32 56 78-99
E-mail: info(at)lloydfonds.de
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
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Datum: 12.05.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 20739
Anzahl Zeichen: 0
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Kategorie:
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