DGAP-News: Lloyd Fonds AG returning to profit-making territory - profit of EUR 8 million achieved in the second quarter of 2010
(firmenpresse) - Lloyd Fonds Aktiengesellschaft / Half Year Results/Quarter Results
12.08.2010 07:28
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* Equity of just under EUR 8 million
* Equity ratio of approx. 13 percent
* Risks from ship pipeline now fully removed
* Four new investment products
Hamburg, August 12, 2010. The Lloyd Fonds Group returned to profit-making
territory in the second quarter, reporting earnings before interest and
taxes (EBIT) of EUR 9.6 million (previous year: loss of EUR 5.2 million at
the EBIT level). EBIT for the first half of the year came to EUR 8.9
million (previous year: loss of EUR 7.4 million at the EBIT level).
Consolidated net profit for this period stands at EUR 4.9 million (previous
year: consolidated net loss of EUR 8.7 million). Consequently, the Company
has been able to accumulate positive equity again very quickly. In the
second quarter, Lloyd Fonds signed an agreement with its creditor banks
concerning a moratorium and the ensuing release from liability. Moreover,
several new funds were launched on the market for the first time after an
extended absence.
'This agreement with our creditor banks, which is unprecedented in the
investment product segment, relieves us of all future risks from the ship
pipeline. This pipeline had been filled during the boom when ships were
being ordered at high market prices. We are now no longer exposed to any
risks arising from placement obligations for these ships,' explains Torsten
Teichert, CEO of Lloyd Fonds AG. 'The bank agreement signed in April has
allowed us to return to our operating business. We were already able to
return to profit-making territory in the second quarter and to achieve a
comparatively good equity ratio of around 13 percent.'
In the first half of the year, Lloyd Fonds collected fresh equity of EUR
30.5 million across all asset classes, underpinned in particular by the new
products launched in the second quarter. This figure also includes a sum of
EUR 14.6 million, which was injected into existing funds to shore up their
liquidity. Real estate accounted for 97 percent of the new equity
collected. In the same period of the previous year, equity of a total of
EUR 25.1 million was collected. With four new products, which are either
already on the market or are to be released over the next few months, the
product initiative announced in the wake of the liability release has been
implemented.
The Holland Den Haag office building fund as well as a real estate fund
investing in a hotel operated by the successful Motel One Group in a top
location in the Leipzig CBD directly adjacent to St. Nicholas' have been
available for subscription since the second quarter. They were followed at
the beginning of August by Best of Shipping III, a new transport fund
investing in the secondary market. Best of Shipping III has been highly
rated by G.U.B. thanks to its innovative structure and experienced
investment advisory council. With a volume of EUR 85 million, the Lloyd
Fonds Kreuzfahrt I fund is to be filed with BaFin in the near future for
approval.
The profit generated in the second quarter was also due to the previous
year's sustained cost-cutting efforts. 'As announced, the swift
deconsolidation of Immobilienfonds Köln, which had temporarily been placed
on Lloyd Fonds' books, generated consolidated profit and positive equity.
What is also encouraging is the increase in cash flow from operating
activities, which is buoying our liquidity substantially,' says CFO/CSO
Michael F. Seidel. 'In the first four months of the year, the negotiations
with the banks had diverted our attention away from our operating business,
something which was also reflected in our placement figures. Now, however,
we expect our new products to usher in a substantial increase in placement
figures in the second half of the year, underpinned by stable demand for
real estate investments and the upswing in the transport sector.'
Accordingly, Lloyd Fonds reaffirms its full-year guidance of equity
placements of around EUR 150 million and expects to break even.
The Lloyd Fonds Group's full interim report is available at
www.lloydfonds.de.
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 4.5 billion. Lloyd Fonds concentrates on
two main asset classes - transport and real estate. To date, more than
52,800 subscribers have placed equity of over EUR 1.96 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).
Kontakt:
Carolin von Below
Dr. Goetz Schlegtendal
Lloyd Fonds AG
Amelungstraße 8-10
20354 Hamburg
Tel: +49-40-325678-0
Fax: +49-40-325678-99
Mail: ir(at)lloydfonds.de
12.08.2010 07:28 Ad hoc announcement, Financial News and Press 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 Hamburg, München, Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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Datum: 12.08.2010 - 07:28 Uhr
Sprache: Deutsch
News-ID 31970
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