Summary
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NTA slightly went down from 4.08 to 3.99 $L per share during February 2008.
LEM ended February with a loss of 28’927 $L (previous profit of 104’694 $L)
LEM will not pay a dividend for February
WSE was still closed and which permitted only little trading. Important cash positions are still locked in different accounts. In Slcapex we could eliminate cash positions in transferring them into shares we believe before they were converted into SLW.
LEM backed off entirely from DSE stock exchange. This was only possible with a significative loss.
The real estate project at Gomphus came already to an end as we sold it again with profit. We started to function as a broker for European real estate owners who have to pay VAT in order to reduce their charges. We control one SIM and a second will follow in short time.
We dissolved our LEM future fund (LFF) as major holdings are blocked due to market stop and some of the investors claimed their money back. They got entirely reimboursed with profit. As soon as markets will open again and/or markets will function normally we will decide whether we will build up a new one.
The overall situation of LEM looks quite good. However, as investment bank we are suffering from the market stop of WSE and liquidity problems in different other stock exchanges. On the other hand we have a portfolio of interesting values which has potential and the new activities in real estate also start to contriubute positively. We had to cut dividend payment for February but will retake it once the markets start to function normally again.
LEM will continue to develop new financial derivatives, expand our financial services for third parties in SL and intense our activities to bring RL companies into SL.
Results for February 08 (January 08)
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Income ($L):
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Financial products : 13’058 (33’714)
Trading : 18’408 (54’300)
Consulting : 3’000 (4’250)
Stock sell : 92’174 (162’830)
Others : 632’387 (15’825)
TOTAL : 759’027 (372’240)
Expenses ($L):
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Financial Products : 112’234 (117’995)
Donation : 0 (0)
Tier : 6’000 (6’000)
Wages : 20’000 (10’000)
Stock purchase : 130’720 (133’551)
Others : 519’000 (0)
TOTAL : 768’954 (267’546)
Profit ($L) : -28’927 (104’694)
Asset ($L)
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WSE : 5’122’314 (5’170’314)
SLCX : 703’245 (956’005)
DSE : 0 (39’432)
ISE : 32’953 (23’463)
VsTek : 269’293 (0)
Land : 6’000 (6’000)
Loan : 0 (0)
Cash : 1’238’644 (809’241)
Investment : 15’000 (15’000)
Others: 27’500 (27’000)
Total : 7’414’969 (7’573’382)
Liabilities ($L)
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Loan : 500'000 (500’000)
Dividend : 9’058 (86’234)
Tier : 85’000 (6’000)
Total foreign capital : 594’058 (586’234)
Constitutional capital LEM: 1’710’756 (1’710’756)
Constitutional capital LFB: 462’540 (462’540)
Constitutional capital LWI: 130’026 (130’026)
Constitutional capital LHH: 1’572’705 (1’572’705)
LEM Future Fund : 0 (518’000)
Reserves : 2’973’811 (2’488’427)
Profit/Loss : -28’927 (104’694)
Total equity : 6’820’911 (6’987’148)
Total liabilities: 7’414’969 (7’573’382)
Monthly dividend/share : 0.0 $L /month
NAV 3.98 (3.99) $L
EPS -.02% (6.12%)
Notes:
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(1) General: LEM is waiting for WSE 4.0. Knowing that this platform will trade in WIC instead of $L we will have to rethink our position. Not towards WSE as such where we can count on a very positive track record till now and good experiences. However, the new currency can bring us new risks we have to consider. This probably will directly influence our business with derivatives. For LEM, however, we don’t foresee major changes. If WSE 4.0 would fail what we don’t expect then we probably will not list at another stock exchange and continue as private company so that our investors will not endure losses. But this would be the worst case scenario.
(2) Consultancy work was down as we didn’t spend too much time in SL. We are still looking to find ways to expand it. I repeat myself here…lol+
(3) Trading profit was low with 18’408 $L. It will be interesting to see what the new features of WSE 4.0 will bring and how they can contribute to a successful trading business
(4) The derivative LWI:WSE reached its end on 18th January 2008. As outlined before we will try to go into a SPO as soon as WSE 4.0 is opening again. The payback value will be calculated one day after the reopening of the WSE. We will compare this value with the one for the day when WSE did close. The higher one will be taken. At the moment you can expect to get 0.95 $L /share back as the index didn’t showed a positive development in the last 6 months.
(5) LHH:WSE: The title will reach its deadline in mid-march. At the moment we are checking the log data from WSE to calculate the pay back value. It will be published as soon as WSE is opening again. The barrier was reached, however, there were some false trades in WIC which are linked to the old system we have to exclude.
(6) LEM Foundation. We will further invest in Etopia Island to support their sustainable efforts. The new SIM is operational. This investment reflects our commitment to sustainable investment.
(7) LEM Future Fund (LFF): Because some investors claimed their money back in relation to the banking ban we dissolved it with profit for the investors. As soon as WSE will open again we will decide whether we will open a new fund.
Net profitability of equity after dividend is -0.02% (6.08%) p.m.
There is no dividend paid for February
Next report:
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Next report will be published on April 2, 2008. Updated values for NTA, LFB, LWI and LHH are published on our blog (http://lemurinvest.blogspot.com)
In case of further questions please IM Casper Trebuchet or send me an e-mail: casper.trebuchet@gmail.com
Greetz
Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com
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