06.02.2015 Lloyd Fonds Aktiengesellschaft  DE000A12UP29

DGAP-News: Lloyd Fonds Aktiengesellschaft: Realignment as a listed shipping company planned


 
DGAP-News: Lloyd Fonds Aktiengesellschaft / Key word(s): Strategic Company Decision/Capital Increase Lloyd Fonds Aktiengesellschaft: Realignment as a listed shipping company planned 06.02.2015 / 14:06 --------------------------------------------------------------------- / Lloyd Fonds AG: Realignment as a listed shipping company planned - Established fund arranger with an investment volume of over EUR 5 billion to be converted into a shipping company - Offer to be submitted to the single-ship entities for the purchase of the ships. Limited partners to become shareholders - Upon full acceptance of the proposal, single ship entities worth EUR 162 million will be transferred - A mixed cash/non-cash equity issue for an amount of up to EUR 79,683,716 with preemptive subscription rights for the existing shareholders is planned at a subscription price of EUR 3.54 per share Hamburg, February 6, 2015. The Management Board and the Supervisory Board of Lloyd Fonds AG (WKN A12UP2, ISIN DE000A12UP29) have approved the adoption of a new business model for the company: New business model oriented to the future Lloyd Fonds AG, an experienced fund arranger, is to be converted into the holding company of a listed shipping company of a type unprecedented in Germany. In a preliminary step, 11 of the single-ship entities initiated by Lloyd Fonds AG will receive an offer to transfer their ship operations including the ships to Lloyd Fonds AG in the form of a non-cash equity issue. In return, the single-ship entities will receive shares in Lloyd Fonds AG, which are then to be issued to the limited partners. For this purpose, the shareholders will be asked to approve the issue of up to 79,683,716 new shares with pre-emptive subscription rights for the existing shareholders at a price of EUR 3.54 per share. Shares which the existing shareholders do not accept under the subscription offer are to be offered to the 11 single-ship entities in consideration of their ship operations in a non-cash equity issue. Assuming that all the entities accept Lloyd Fonds AG's offer, the non-cash equity issue will have a volume of EUR 162 million. Further ship companies are to be acquired over the next two years. The medium-term goal is to position the Lloyd Fonds Group as an internationally active shipping company. Lloyd Fonds AG plans to establish a modern fleet generating a steady cash flow and to position its stock as a value proposition. The implementation of Lloyd Fonds AG's new business model is to be approved at an extraordinary shareholder meeting in April following the approval of the investors in the single-ship entities and implemented by the end of the year. The ships currently held by the single-ship entities will be jointly transferred to Lloyd Fonds AG / limited partners will become shareholders Initially 11 single-ship entities will be invited to transfer their operations to Lloyd Fonds AG in consideration of the grant of shares in a large-scale non-cash equity issue. These ships entail six container ships (1,100 - 8,500 TEU) and five tankers (including four Panamax tankers) built between 2000 and 2007 with a combined value of USD 325.2 million according to the valuer's report. As a result of the absorbance of liabilities, the valuer's report states that the single-ship entities to be transferred are valued at EUR 162.3 million. The roughly 18,000 investors holding shares in the 11 single-ship entities are expected to be sent detailed documentation on this offer at the end of February and will then vote separately on the proposal. Following the completion of the transaction, the fleet is to be enlarged. This will be done by submitting takeover bids to other ship ownership entities, including those which have been initiated by other arrangers. By pooling the ships owned by such entities within an existing listed company, Lloyd Fonds AG has developed a business model which is to offer investors a viable basis for their investment: Six container ships and five tankers from different size classes are to be combined to create a well positioned and diversified fleet. The restructured finance serves the purpose of lowering the risk of default and the resultant possibility of the creditor bank demanding a "fire sale" at short notice. The planned fleet finance offers a further advantage in that the ships contained in the fleet will mutually support each other in accordance with the principle of solidarity. A further important aspect is tradability and the fact that Lloyd Fonds shares are subject to constant valuation in contrast to the largely illiquid secondary-market for shares in closed-end investment funds. In addition, costs will be reduced as the management and trusteeship fees as well as part of the fund management costs will be eliminated following the execution of the transaction. "It is high time that investors in single-ship entities receive a viable perspective for their investment," says Torsten Teichert, CEO of Lloyd Fonds AG. "Most ships are still feeling the strain of the shipping crisis. I am convinced that genuine fleet finance under the roof of a company such as Lloyd Fonds AG offers a far better outlook for the ships than the current single-ship entities. This can benefit both the current limited partners in the ship ownership companies and Lloyd Fonds AG's current shareholders." Growth as an internally active shipping market listed on the capital market In the medium to long term, the Lloyd Fonds Group plans to position itself as an internationally active shipping company with a broadly diversified fleet. To this end, the "new" Lloyd Fonds AG will make use of its stock market listing to acquire new ships in the future. It intends to assemble a modern and efficient fleet addressing the core areas of shipping to generate a steady cash flow at the company level primarily underpinned by long-term charterparties with renowned investment-grade charterers. Looking forward, shipping faces even greater technological challenges than in the past; at the same time, there is strong demand for modern ships with new and efficient propulsion technologies. This translates into very considerable investment requirements, offering a very good outlook for the "new" Lloyd Fonds AG. In the future, the Lloyd Fonds Group will continue to be active in real estate and also handle the management of its existing funds via its trusteeship subsidiary. Accordingly, this business will continue to generate regular portfolio income for the Group. Enterprise value calculated at EUR 3.54 per share In preparation of the planned transaction, accounting company RBS RoeverBroennerSusat GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg, was instructed to prepare a valuation report in accordance with IDW standard S1 for Lloyd Fonds AG as well as the ships to be transferred, the results of which have also been used to determine the swap ratio, which is calculated on the basis of the objective stand-alone enterprise value (i.e. net of the planned transaction). The calculation of Lloyd Fonds AG's enterprise value is based on a budget providing for revenues of between EUR 9.8 and 15.1 million and post-tax earnings of between EUR 0.7 and 3.5 million in the individual years. According to these calculations, Lloyd Fonds AG has an enterprise value (capitalized earnings value) of EUR 32.4 million or EUR 3.54 per share, while the 11 ships and ship operates have a total equity value of EUR 162.3 million. Assuming that the single-ship entity investors and, later on, Lloyd Fonds AG's shareholders approve the planned transaction, up to 45.8 million shares will be issued under the terms of an equity issue still to be approved in return for the transfer of the ship operations. A total of up to 79,683,716 new shares may be issued depending on the extent to which the shareholders exercise their subscription rights, although in the past they have done so to only a limited extent. As each of the single-ship entities must individually approve Lloyd Fonds AG's proposal, it is possible that Lloyd Fonds AG may initially acquire fewer than the planned 11 ships. Lloyd Fonds AG expects to be able to report post-tax earnings of EUR 0.7 million for 2014 (previous year: EUR 1.1 million). Cash and cash equivalents stand at around EUR 7.4 million as of December 31, 2014 (previous year: EUR 5.7 million). Consequently, the Management Board is of the view that Lloyd Fonds AG has a solid financial basis allowing it to bridge the repositioning phase. Lloyd Fonds sees considerable potential and plans to have the shares listed in the Prime Standard With the implementation of these plans on the basis of 11 ships, Lloyd Fonds AG will be increasing its share capital from a current EUR 9.2 million to around EUR 55.0 million provided that all 11 single-ship entities accept the offer; additional shares may also be subscribed in a cash equity issue. The maximum possible share capital stands at just under EUR 80 million. It is planned for the share to be listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the most stringent disclosure requirements, from summer 2015. "We expect to receive a positive response to our plans. Lloyd Fonds AG has always concentrated its resources on ensuring that it is amongst the most innovative German fund arrangers. Whereas there are many listed real estate companies in Germany, there is no genuine listed shipping company which is more than just an asset platform currently trading on the Frankfurt stock exchange. In this respect, we want to play a pioneering role," says Torsten Teichert. "With our new business model, we are planning to forge a strong alliance between the company's shareholders and the ship fund subscribers. We want to create stability, unlock value, preserve transparency but also achieve a positive return. Lloyd Fonds AG's position in the capital market is to be leveraged with the aim of assembling a modern and viable fleet generating a steady cash flow and to establish the share as a value proposition." A short film on the transaction including statements by Erck Rickmers, the founder of E.R. Schifffahrt, and Manfred Brenneisen, a member of the Management Board of Brenneisen Capital AG and of the advisory council of one of the 11 ship ownership entities, can be found at www.lloydfonds.de Press and IR contact: Christiane Brüning Tel: +49 40-32 56 78-142 Fax: +49 40-32 56 79 - 99 E-Mail: [email protected] Hendrik Duncker Tel: +49 40 32 56 78-145 Fax: +49 40 32 56 78-99 E-Mail: [email protected] --------------------------------------------------------------------- 06.02.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Lloyd Fonds Aktiengesellschaft Amelungstr. 8-10 20354 Hamburg Germany Phone: +49 (0)40 32 56 78-0 Fax: +49 (0)40 32 56 78-99 E-mail: [email protected] Internet: www.lloydfonds.de ISIN: DE000A12UP29 WKN: A12UP2 Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Frankfurt in Open Market (Entry Standard) End of News DGAP News-Service --------------------------------------------------------------------- 320567 06.02.2015


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 7,46 7,92 8,22 27,74 26,12 21,58 0,00
EBITDA1,2 0,99 -1,67 -9,68 6,96 4,61 -9,95 0,00
EBITDA-Marge3 13,27 -21,09 -117,76 25,09 17,65 -46,11
EBIT1,4 0,51 -1,78 -10,94 3,21 1,25 -14,66 0,00
EBIT-Marge5 6,84 -22,47 -133,09 11,57 4,79 -67,93 0,00
Jahresüberschuss1 1,36 -1,53 -0,09 2,50 6,63 -10,54 0,00
Netto-Marge6 18,23 -19,32 -1,09 9,01 25,38 -48,84 0,00
Cashflow1,7 1,49 -1,24 1,42 -0,95 19,96 -2,77 0,00
Ergebnis je Aktie8 0,15 -0,16 -0,01 -0,05 0,39 -0,67 -0,16
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,16
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Baker Tilly

INVESTOR-INFORMATIONEN
©boersengefluester.de
LAIQON
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A12UP2 5,540 Kaufen 96,86
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 23,47 0,00 69,25
KBV KCV KUV EV/EBITDA
1,45 - 4,49 -10,59
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 29.08.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
31.08.2023 28.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-9,08% -21,84% -16,06% -23,06%
    
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