Lloyd Fonds: Net profit achieved in the first half of 2013
  • Consolidated net profit of EUR 1.2 million in the first half of 2013; EBIT of EUR 0.9 million
  • Statutory license granted by BaFin under Section 32 of the German Banking Act

Hamburg, September 26, 2013. Lloyd Fonds AG has continued the favorable performance achieved in the first three months of the year with an increase in total sales to EUR 7.3 million in the first half of 2013 (previous year EUR 7.1 million). EBIT came to around EUR 0.9 million (previous year EUR 0.6 million). As a result, Lloyd Fonds was able to post consolidated net profit of EUR 1.2 million at the end of the first half of the year (previous year EUR 238,000).

The favorable performance in the first half of the year was underpinned by strong portfolio management with equity of over EUR 1.6 billion under management. Thus, income from portfolio management is sufficient to cover Lloyd Fonds AG's costs, materially aided by lower personnel costs, which were reduced by over 30 percent to EUR 2.6 million (previous year EUR 3.9 million) following the cost-cutting measures implemented last year.

Return to profit-making territory thanks to successful asset management

Active asset management made a crucial contribution to the profit earned in the first half of the year. For one thing, Lloyd Fonds AG was able to pool six existing ships in a single fleet fund for the first time in the German closed-end investment fund market. Under the project co-developed with Deutsche Bank, which was approved by an over 80% majority of the subscribers, six multi-purpose ships were combined under the roof of a new entity "OCEAN Multipurpose" and fully financed by Deutsche Bank.
In June of this year, it was also possible for Lloyd Fonds AG to sell two assets from the "Vier Einzelhandelsobjekte in Norddeutschland" real estate fund, in which it holds a roughly 45% stake, thus generating substantial income. These two management successes together more or less contributed the profit which Lloyd Fonds earned in the first half of the year.

Statutory license granted by BaFin

A few days ago, Lloyd Fonds Consulting GmbH, a subsidiary of Lloyd Fonds AG, received the license permitting it to sell investment products to professional investors. The German Federal Financial Supervisory Authority (BaFin) thus approved Lloyd Fonds' application, meaning that the company will be able to engage in selling activities in accordance with Section 32 of the German Banking Act in the future.

Consequently, Lloyd Fonds is now well positioned to implement the necessary additions to its selling activities. In the near future, it will be applying for permission to establish a capital management company in accordance with the Capital Investment Code. In this way, it will hold all the permits required for expanding its selling activities.

"Market conditions remain challenging. In such a market phase, hardly anyone can live off new business alone. As one of the oldest fund initiators, Lloyd Fonds AG is in the fortunate position of being able to generate sufficient income from its solid portfolio to cover operating costs and, on top of this, to achieve further income via active portfolio management. However, we will now be focusing on new business again with greater intensity," explains Dr. Torsten Teichert, CEO of Lloyd Fonds AG.

distributed by