Lloyd Fonds Aktiengesellschaft / Final Results/Miscellaneous
17.04.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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* 50 percent increase in equity placements to EUR 452 million
* 25 percent increase in sales to EUR 90 million
* Dividend of EUR 1.30 proposed for 2007
* Continued growth
Hamburg, April 17, 2008. The Hamburg-based fund issuer Lloyd Fonds AG
closed 2007 with record net profit of EUR 20.2 million underpinned by a 50
percent increase in equity placements in 2007 to over EUR 450 million from
the arrangement of new investment products. Together with non-issuing
income from trusteeship business and asset management, total revenues came
to EUR 90 million (previous year: EUR 72 million). EBIT for 2007 equals EUR
28 million, up from EUR 24 million in the previous year. On this basis of
12.7 million shares, this translates into earnings per shares of EUR 1.59
(previous year: EUR 1.50). 'Last year we were able to impressively reach
the goals that we had set ourselves when we floated our Company on the
stock market,' says Dr. Torsten Teichert, CEO of Lloyd Fonds AG. 'In 2008,
we will also be continuing on this dynamic growth trajectory and placing
our business model on a broader footing with new products and innovations.
At the same time, we want to play an active role in market consolidation.'
Substantial increase in income from operating business in 2007
Performance in the previous year had been particularly influenced by the
sharp rise in placement figures and the corresponding volume of new funds
as well as the arrangement of finance. These activities contributed around
EUR 70.9 million to sales (previous year EUR 63.5 million). Rising by 50
percent from EUR 8.4 million to EUR 16.8 million, the rise in non-issuing
income from trusteeship and asset management activities was particularly
pronounced. The open-end ship fund contributed income of EUR 7 million.
Whereas in the previous year, the share of profit of associates had stood
at EUR 6.9 million, this figure came to only around EUR 3.8 million in 2007
despite the higher consolidated net profit as it also includes the
impairment losses recognized on US condominiums.
On the cost side, the cost of sales rose at a disproportionately small rate
from EUR 39.1 million to EUR 42.5 million in spite of the sharp rise in
equity. This is particularly due to the wider share of exclusive placements
via banks and the high proportion of the open-end ship fund in placement
figures. Reflecting the expansion-induced recruitment activities, personnel
expenses climbed from EUR 9.7 million to EUR 12.6 million in the year under
review. Extensions to business activities also caused other operating
result to rise to EUR 9.6 million (previous year: EUR 5.5 million).
Tax expense in 2007 increased from EUR 4.7 million to EUR 8.2 million, with
the tax rate coming to around 29 percent, substantially more than the
previous years low rate of 19.9 percent. This is particularly due to the
Companys greater diversification and the related increase in the shares of
asset-managements funds. In addition, the previous years tax rate
reflected higher tax-free interim profits.
'Our earnings for 2007 testify to our solid profitability,' says Michael F.
Seidel, CFO at Lloyd Fonds AG. 'With our current resources, we are able to
extend our product pipeline and finance our strategy expansion.'
Whereas the pipeline in the shipping segment is amply filled with contracts
already signed, new aircraft and real estate acquisitions are expected to
be announced in the second quarter. Similarly, negotiations for the
purchase of further ships and other assets are currently ongoing.
Financials
in EUR millions 2007 2006 Delta
Sales 90.1 72.0 25.1%
Non-issuing income 20.9 15.3 36.8%
EBIT 28.3 23.9 18.6%
EBIT margin 31.5% 33.2% -1.7 pp
Consolidated net profit 20.2 19.0 6.1%
Return on sales 22.4% 26.4% -4.0 pp
Total assets on Dec. 31. 118.5 105.2 12.6%
Equity 86.2 80.5 7.1%
Equity ratio 72.7% 76.5% -3.8%
Earnings per share 1.59 1.50 6.0%
Dividend per share(2007: prop.) 1.30 1.25 4.0%
Headcount (annual average) 130 94 38.3%
On the basis of these results, the Management Board and the Supervisory
Board will be asking the shareholders to approve a dividend of EUR 1.30 per
share, equivalent to a dividend ratio of around 82 percent of the
consolidated net profit for the year. Lloyd Fonds plans to continue its
shareholder-friendly dividend policy in the future unless extensions to
business activities in the form of acquisitions or partnerships are seen as
offering substantially greater value for shareholders.
Outlook
Turning to 2008, Lloyd Fonds AG plans to increase equity placements in
Germany and Austria to EUR 600 million, including around EUR 250 million
for closed-end and around EUR 100 million for institutional products. A
further EUR 80 million is to be placed in real estate investment products,
with roughly EUR 170 million to be spread over other asset classes,
primarily aircraft and traded endowment policies. As a result, consolidated
net profit is to rise to EUR 23 million. The Company remains committed to
its goal of seeking a disproportionately large increase in recurring income
and to generating income throughout the placement phase to a greater
extent.
At the end of 2007/beginning of 2008, five new funds were launched in
Germany and Austria in quick succession. With the acquisition of a 22
percent share in investment product retailing group Feedback AG, Lloyd
Fonds is also forging closer ties with non-bank retailers. This also
represents a response to the trend towards closer ties between the
initiators and sellers of financial products.
A certificate on the open-end ship fund 'LF Open Waters OP' was launched
right at the beginning of the 2nd quarter in conjunction with Deutsche
Bank. This is being supplemented with negotiations on several exclusive
placements with banks and larger independent retail partners for the
current quarter as well as the second half of the year. As a result of
these negotiations, a further ship fund was structured and launched in the
first quarter. Contracts for a further two placements with independent
retail partners over the next few months have also been signed. In the
second quarter, further ship, real estate and aircraft funds will be
structured and launched one after the other. Half of the corresponding
income will be earned on completion and the other half during placement.
Contact:
Dr. Goetz Schlegtendal
Lloyd Fonds AG
Amelungstraße 8-10
20354 Hamburg
Tel: +49-40-325678-148
Fax: +49-40-325678-99
Mail: ir@lloydfonds.de
Contact:
Dr. Goetz Schlegtendal
Lloyd Fonds AG
Amelungstraße 8-10
20354 Hamburg
Tel: +49-40-325678-0
Fax: +49-40-325678-99
Mail: ir@lloydfonds.de
DGAP 17.04.2008
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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: info@lloydfonds.de
Internet: www.lloydfonds.de
ISIN: DE0006174873
WKN: 617487
End of News DGAP News-Service
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DGAP-News: Lloyd Fonds confirming consolidated net profit of EUR 20 million for 2007 - growth trajectory continued in 2008
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