Financial report

Summary
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NAV rose in September from 2.180 to 2.406.
Net profitability of equity is 3.3% /month
Dividend is 4.5% /share/month

Different events influenced this month’s activities of LEM. To start with the bad ones we also got caught in all these different tales around Tizzyland/Sal-vest. On the good side we can claim to have gotten our approval as WSE-analyst. We also traded quite successfully and for the first time we used SL to accomplish a mandate from RL. We were also active on the derivative front and brought a new product to the WSE board (LHH). Last but not least and as announced before we reduced the number of outstanding shares down to 1’500’000 as we think to act in the interest of the share holder and also to increase free float. Latter could be reduced to 66.67%.

We will continue to develop new financial derivatives expand our financial services for third parties and intense our activities to bring RL companies into SL.

Dividend was left at 4.5% as we think it reflects our business more realistic and was backed by the reserves.


Results for September (August)
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Income ($L):
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Financial products : 428’744 (460'693)
Consulting : 62’000 (10’000)
TOTAL : 490’744 (470'693)

Expenses ($L):
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Financial Products : 425'000
Donation : 0 (0)
Tier : 6’000 (10'000)
Wages : 10’000 (10'000)

TOTAL : 441’000 (449'000)

Profit ($L) : 49’744 (31'693)

Asset ($L)
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WSE : 2503717 (2'726'175)
SLCX : 867’377 (1'301'020)
DSE : 62’000 (68'000)
ISE : 16’425 (14'320)
VsTec : 0 (120'111)
Land : 5’000 (5’000)
Loan : 3’000’000 (2’800’000)
Cash : 733’190 (920'532)
Investment : 14’000 (14'000)

Total : 7’201’709 (7'969'158)

Liabilities ($L)
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Loan : 3’500’000 (3'500'000)
Dividend : 95’000 (110’000)
Total foreign capital : 3’595’000 (3’610’000)

Constitutional capital LEM: 1’500’000 (2’000’000)
Constitutional capital LFB: 464’480 (1’000’000)
Constitutional capital LWI: 130’026 (430’026)
LEM Future Fund : 498’000 (498'000)
Reserves : 509’518 (359’799)
Retained earnings : 0 (40'000)
Profit : 49’744 (21'693)
Total equity : 3’606’709 (4'359’158)

Total liabilities: 7’201’709 (7'969'158)

Monthly dividend/share : 0.045 $L /month (0.045)
NAV 2.406 (2.18)


Notes:
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(1) General: LEM became victim of the Tizzy and Sal-Allenvest fraud. We depreciated all these assets, also we hope to recuperate some or all of them. Strong positions we held in HCL, however we are not planning to control more than 5% of the outstanding shares. On the other hand we reduced our participation in SLCX

(2) Consultancy income increased due to work we organized for RL companies in SL. VAT issues don’t hamper us.

(3) LFB really sucks at the moment. AIG is delisted, BNT too, AMA, SML and HCL are still weak and RDX has no stability as it suffers from the non-existent free float. At actual share prices for LFB which are around 7 $L/share profitability is more than 50% p.a.! If the situation for AIG and BNT will be solved in the near future we will examine the situation and probably close the derivative prematurely.

(4) LWI is just reflecting the overall situation of the stock exchange market within SL and which is still bearish. No surprise after all these debacles about gaming, banking and now even VAT. The index needs some adaptations. As WSE-analyst we will monitor the companies which are considered and the needed corrections will be done. We feel that the economy in SL start to grow again and that WSE will be one of the main players in such a scenario.

(5) LHH. HCL restarted trade on the same level as before the trading stopped last week, however, the new system is great and should help to bring back confidence to potential investors.

(6) LEM Foundation. We definitively put our offices on Etopia Island and I even contribute actively as CFO of ETC on the future development of the concept. All owenings of LEM Foundation are at the moment invested in ETC shares

7) LEM Future Fund (LFF)
LFF is doing fine with a portfolio of over 500’000 $L. Basically we keep LFF as closed fund but can open it after discussion with potential investors. Minimal investment is 10'000 $L and at the moment 25% are invested in bonds, 20% in project within SL, 5% in cash and 50% in shares. Inner prices will be soon published on our blog.

8) Web: Our blog becomes too overloaded and we will have to move to a web. We hope to be ready till end of this month
.

Next report:
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Next report will be published on November 2. Updates values for NAV, LFB, LWI and LHH are published on our blog (http://lemurinvest.blogspot.com)

In case of further questions please IM Casper Trebuchet

Greetz
Casper Trebuchet
LEM, CEO

House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com