Lloyd Fonds Aktiengesellschaft / Preliminary Results/Profit Warning
09.10.2008
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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* Early publication of preliminary placement figures and earnings for the
third quarter of 2008
* Placement volumes and earnings for 2008 lower than hitherto expected
* Dividend ratio for fiscal 2008 confirmed
Hamburg, October 9, 2008. The Hamburg-based fund initiator Lloyd Fonds AG
has corrected its full-year forecast for 2008 in response to the
unexpectedly low demand for investment products. Whereas placement figures
were up in
July and August, the turbulence afflicting the international financial
markets has caused demand for investment products to decline substantially
throughout the entire sector since September. Given the current
environment, the Company no longer expects any sustained recovery in the
financial markets, meaning that demand for closed-end funds will remain
muted in the traditionally strong fourth quarter. Accordingly, Lloyd Fonds
assumes that placement volumes and full-year profit for 2008 will fail to
reach previous expectations. In view of the general uncertainty, the
Management Board and the Supervisory Board have decided not to issue any
new full-year forecast for 2008. That said, the Company still expects to
post a profit in the low single-digit millions.
As previously announced, a large part of the profit available for
distribution will be paid out to the shareholders in continuation of the
Companys pro-shareholder policy of the past years. 'As a financial
services company, we are existentially dependent on the confidence of our
shareholders, customers and business partners. Lloyd Fonds is unable to
avert the effects of unfavorable market conditions. However, what we can do
is to safeguard proven relations by means of transparency and open
communications to weather even difficult times jointly and to emerge from
them strengthened,' said Dr. Torsten Teichert, CEO of Lloyd Fonds AG. 'By
continuing our previous dividend policy, we are demonstrating both the
sustainability of our business model and the Companys expected future
profitability. In times such as those which we are currently facing,
investments in tangible assets particularly prove themselves, a fact which
will boost demand again in the future.'
Preliminary figures for the 3rd quarter
Lloyd Fonds has published its preliminary figures for the quarter today in
the interests of maximum transparency and to allay uncertainty in the
capital markets. In the third quarter, Lloyd Fonds placed equity of around
EUR 69 million in spite of the traditionally quiet summer season. This was
particularly underpinned by the figures for July (EUR 23 million) and
August (EUR 34 million). In the wake of the turbulence afflicting the
financial markets, however, placements in September came to EUR 11
million. Accordingly, cumulative equity placements for the year to
September 30, 2008 stand at EUR 266 million. In the interests of
confidence-inspiring communications, Lloyd Fonds will be publishing its
monthly placement figures in the first few days of the following month for
the rest of the year.
Net profit for the period from July through September should come to around
EUR 0.2 million, translating into EUR 3.8 million for the first nine
months of the year. 'With this figure, we have fallen short of our original
full-year forecast. However, in contrast to many other companies in the
financial services sector, we do not have any major impairments thanks to
our business policy and our efficient risk management operations,' adds
Michael F. Seidel, CFO at Lloyd Fonds AG. 'In this environment, the switch
to a more conservative recognition of revenues with greater emphasis on the
placement process is of course leaving clear traces. The lower placement
figures are directly
reflected in smaller proceeds. In view of the current situation we will
further increase our efforts to cut costs in the company.' The full report
on the 3rd quarter will be published on November 6, 2008.
Solid business model in an ailing market
Despite the decline in sales volumes, Lloyd Fonds is well positioned as a
company thanks to the precautions already taken. A healthy balance sheet
structure, a very high equity ratio compared with immediate peers and
low leverage mean that all planned funds can be financed. As well as this,
the retail activities implemented at the beginning of the year are also
showing preliminary signs of success in a shrinking overall market.
The success of the Companys business model is also reflected in the funds
which have been arranged. Thus, last year, subscribers received payouts of
a total of over EUR 150 million from the 97 funds which have been arranged.
The recently published statement of performance for 2007 shows a cumulative
lead of EUR 65 million in dividends and repayments across all funds over
the forecasts contained in the respective prospectuses, an increase of EUR
5 million over the previous year. Of the 69 funds currently active, 13 have
a lead on payouts, while a further 33 are making payouts matching the
forecasts contained in the respective prospectuses. 15 funds made loan
repayments ahead of schedule, while the loan repayments of 53 funds are on
schedule.
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 09.10.2008
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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
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: Lloyd Fonds AG adjusting full-year guidance to allow for muted demand for investment products
| Source: EQS Group AG