Lloyd Fonds Aktiengesellschaft / Quarter Results/Miscellaneous 07.05.2008 Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- * Equity of around EUR 80 million placed * Net loss for the quarter of EUR 0.4 million * Activities via independent retailers extended * Attractive contracts for 12,800 TEU container ships signed Lloyd Fonds AG, a specialist in closed-end investment funds and structured investment products, recorded equity placements of around EUR 79 million in the first quarter, a decline of 32 percent over the same period one year earlier, which had been dominated by the placement of a large exclusive fund (EUR 70 million). On the other hand, the volume of equity placed via independent investment product retailers widened from EUR 24 million to EUR 35 million. This marked a further strengthening of this sales channel, which will continue to contribute to equity placements with steadily rising figures over the next few quarters. In contrast to the year-ago period, no interim profit was earned in the first quarter, while only one new ship fund was arranged in this period. As a result, the Company sustained a net loss of EUR 0.4 million in the first three months of 2008, thus reversing the net profit of EUR 4.0 million recorded one year earlier. Further extensions to retailing activities Lloyd Fonds equity placements in the first quarter were particularly spurred by the sharp rise in the proportion contributed by independent non-bank retail partners. In the period under review, the equity placed via this channel widened by almost half to around EUR 35 million (previous year EUR 24 million), accounting for almost 40 percent of total placements. This was also aided by an exclusive ship fund with a non-bank retail partner. At the same time, however, total equity placements shrank by around 32 percent to EUR 79 million. However, it should be noted that the previous years figure of EUR 116 million had been dominated by an exclusive partnership with a bank partner that contributed just on two thirds to the equity placements recorded in that quarter. At EUR 44 million or 56 percent, closed-end ship funds generated the bulk of equity placements in the first three months of 2008. Real estate contributed EUR 17 million or 21 percent and aircraft EUR 12 million or 15 percent to equity placements for the period. Institutional products and endowment policies each accounted for equity placements of almost EUR 3 million in the first quarter. All told, Lloyd Fonds was able to offer subscribers twelve funds in five different asset classes in the first quarter. In addition to extending its activities via independent retailers, Lloyd Fonds strengthened its ties with an individual operator in this segment by acquiring a 22 percent stake in Feedback AG, an independent retailer of investment products. Looking forward, this partnership will be used to develop products even more closely attuned to the requirements of the target group addressed by independent retailers. Bottom line within scope of full-year forecast Sales in the first quarter dropped by 46 percent to EUR 11.3 million on account of the situation described above. This was due both to lower placement volumes and the substantially smaller number of new products following the numerous launches at the end of the previous year. In the same period one year earlier, proportionate sales had been generated from four newly issued funds (including the large 'Schiffsportfolio II' ship fund, the 'Emmeline' aircraft funds as well as two funds investing in traded UK endowment policies). Moreover, no income was earned from unrealized gains in the ship pipeline in the first quarter of 2008 in contrast to the previous year (EUR 2 million). The cost of sales contracted by the same rate as placement volumes to EUR 7.0 million (previous year EUR 12.7 million), while personnel costs continued to rise in all parts of the Company. However, at EUR 3.5 million, this item rose less quickly than the increase in headcount. The Company sustained a loss at the EBIT level of EUR 1.8 million (previous year EUR 5.2 million). On this basis of net loss for the period after tax of EUR 0.4 million, the Company sustained a loss per share of EUR 0.03. Full-year guidance confirmed in full Given continued upbeat sentiment with respect to placement figures for closed-end funds and in the light of the Companys performance in the first quarter, the Management Board affirms its full-year guidance for 2008. Thus, equity placements are to rise to EUR 600 million. Of this, closed-end ship funds will contribute around EUR 250 million, real estate EUR 80 million and other asset classes such as aircraft and traded endowment policies EUR 170 million. Equity placements with institutional investors should come to roughly EUR 100 million. Around one third of the projected placement volumes will arise in the first half of the year, with the second half thus accounting for the remaining two thirds. In anticipation of this, retailing activities have been stepped up in both structural and personnel terms. Efficiency is to be enhanced as a separate operating task. New sales staff, some of whom have many years of experience in this sector, will supplement the Companys existing team. As a result, consolidated net profit for 2008 is to rise to EUR 23 million. In the following quarters, revenues from operating business will be supplemented with income from the liquidation of unrealized reserves as a result of an anticipatory acquisition strategy in assembling and structuring the asset pipeline for future projects. Thus, two 12,800 TEU container ships were sold to a partner at a profit in the second quarter, while a long-term charter was signed for a further two ships in this series. With delivery scheduled for between 2010 and 2011, these ships with an equity volume of USD 110 million may be available for subscription later on in the year. Three ship funds (one 4,300 TEU container ship and two 92,500 dwt bulkers) are currently being structured for retailing via one or more partners. In addition, a further real estate fund comprising a hotel in Fleesensee is to be structured in the second quarter for launch in the near future. Full-year profit will continue to be determined by the goal of widening the proportion of recurring income from trusteeship and management fees to cover a growing share of the fixed costs. At the same time, a greater part of the income from future funds will be earned on a matching-phase basis throughout the placement phase. in EUR millions Q1-2008 Q1-2007 Delta Sales 11.3 21.2 -46.4% Non-issuing income 2.0 6.3 -68.2% EBIT -1.8 5.2 -134.4% Consolidated profit for the year -0.4 4.1 -110.7% EBIT margin -15.8% 24.6% -40.4 pp Return on sales -3.9% 19.3% -23.2 pp Total 117.7 138.4 -14.9% Equity 85.7 84.7 +1.2% Equity ratio 72.8% 61.2% +11.6 pp Earnings per share -0.03 0.32 -110.6% Employees 148 116 +28.7% Personnel costs 3.5 2.9 +21.6% Personnel expense ratio 31.2% 13.7% +17.5 pp in EUR millions Q1 -2008 Q1 -2007 Equity placements 79 116 Equity placements, cum. 1,702 1,623 Assets held under trust, cum. 1,292 1,100 Number of subscribers, cum. 45,660 32,029 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 07.05.2008 --------------------------------------------------------------------------- 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 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-News: Lloyd Fonds AG with slower growth in the face of difficult capital market conditions but still on track to meeting full-year guidance
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