Lloyd Fonds Aktiengesellschaft / Final Results/Restructure of Company
21.04.2010 12:39
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Agreement for full release of liability for Lloyd Fonds AG
- Ship pipeline dissolved in full under the terms of the bank agreement
- Rising placement figures planned for 2010; company intending to break
even
- Investor interest opening up prospects of fresh finance and liquidity
Hamburg, April 21, 2010. Lloyd Fonds AG has signed an agreement providing
for the full release from liability, under which it has been discharged of
all guarantees and bonds (contingent liabilities) towards its banks. In
return for the release from these contingent liabilities valued at EUR
230.2 million (as of December 31, 2009), Lloyd Fonds will be paying the
banks compensation of a maximum of EUR 20 million by 2014. Under the terms
of the agreement, Lloyd Fonds has the option of substantially reducing the
release compensation to EUR 12.5 million by making a once-only payment of
this amount in 2010. If it makes a once-only payment in 2011, the liability
release compensation will come to EUR 13.65 million. A moratorium has been
put in place for the period up until the end of 2014.
Lloyd Fonds AG's principal shareholders are supporting these plans by
agreeing to cede 2.8 million of their shares, equivalent to around 22
percent of the total volume outstanding. The proceeds from the sale of the
shares, for which the existing shareholders have a buyback right, will
accrue to the participating banks.
Under the terms of the liability release agreement, the company has now
emptied its ship pipeline in full. Since the third quarter of 2009, Lloyd
Fonds' ship pipeline had been reduced from 29 to 18 ships. As part of last
year's restructuring efforts, the company adopted a strategy of
concentrating on the real estate and transport segments and, in this
connection, has already scaled back various costs and contingent
liabilities.
Against the backdrop of the sustained weak demand for closed-end investment
funds, Lloyd Fonds placed equity of EUR 58 million last year. As a result,
sales came to only EUR 20.0 million, well down on the previous year (2008:
EUR 48.1 million). The loss of EUR 59.9 million sustained at the EBIT level
(previous year loss of EUR 4.3 million) was caused by a series of
exceptionals, which accounted for 87 percent of this loss. Most of these
exceptionals are related to the recognition of the liability release
payments to the banks as well as impairment losses on financial assets.
Consequently, the group's share capital has been reduced by more than half,
thus standing at EUR 1.8 million (IFRS) at the end of the year. In the
single-entity financial statements prepared in accordance with German GAAP
(HGB), Lloyd Fonds AG had an equity shortfall of EUR 2.3 million.
At the same time as the liability release, financially strong potential
investors have expressed their interest in an investment in Lloyd Fonds as
they are convinced by its long-term prospects together with the success of
the risk management efforts which have been taken and see a favorable
opening at this stage.
Lloyd Fonds expects an increase in placement volumes to EUR 150 million in
2010 thanks to the plan of action implemented to date as well as the
general economic recovery and assumes that it will break even. This is to
be achieved by means of further additions to business in the real estate
asset class as well as forays into specialist markets of the transport
segment.
Kontakt:
Dr. Goetz Schlegtendal
Carolin von Below
Lloyd Fonds AG
AmelungstraÃe 8-10
20354 Hamburg
Tel: +49-40-325678-0
Fax: +49-40-325678-99
Mail: ir@lloydfonds.de
21.04.2010 12:39 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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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@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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DGAP-Adhoc: Lloyd Fonds Aktiengesellschaft: Agreement for full release of liability for Lloyd Fonds AG
| Source: EQS Group AG