30 Aug 2011 17:11
IRF European Finance Investments Ltd
30 August 2011
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Six Months 2011 Results
IRF European Finance Investments Ltd (SFM: IRF) announces its audited financial results for the six months ended 30 June 2011.
Financial Highlights:
Amounts in € 000 | Six months ended 30 June 2011 | Six months ended 30 June 2010 |
Income Statement items: | ||
(Loss)/ Operating Income | 4,936 | 13.048 |
(Loss)/Profit Before Income Tax | (19,348) | (80,503) |
Income Tax Expense | - | - |
(Loss)/Profit after Tax | (19,348) | (80,503) |
Other Comprehensive Income, net of tax | (18) | (4,957) |
(Loss)/ Total Comprehensive Income after tax | (19,365) | (85,461) |
Attributable to Equity Holders of IRF | (19,365) | (85,461) |
Minority Interests | - | - |
Basic Earnings (loss) per Share (in euro/share) | (0.14) | (0.64) |
Balance Sheet Items: | 30 June 2011 | 31 December 2010 |
Cash and Cash Equivalents | 102 | 653 |
Total Assets | 159,126 | 168,310 |
Total Liabilities | 170,804 | 160,623 |
Total Equity | (11,678) | 7,687 |
Equity Attributable to Equity Holders of IRF | (11,678) | 7,687 |
Minority Interests | - | - |
Acquisition of additional shares in Marfin Investment Group
On 19th July 2011 the Board resolved to issue 49,833.858 preference shares of the Company in exchange for 31,074,302 shares in Marfin Investment Group ("MIG"), owned by the main shareholders of the Company. The MIG shares transferred were valued based on the closing price of such shares on the Athens Stock Exchange as of 19 July 2011. This transaction increased the Company's equity by €15,847,894.
After the transaction, the Company owned 17.91% of the shares in MIG.
Information
A copy of our annual financial report can be found on our website (www.irf-finance.com) and copies will be sent to our shareholders shortly.
For further information, please contact:
IRF European Finance Investments Ltd
Angeliki Frangou, Chairperson Tel: +30 210 428 0560
Sheldon M. Goldman Tel: +1 212 404 5740
About IRF
IRF's principal investment strategy is to seek investment opportunities in global financial institutions, with a complementary focus on investments in distressed opportunities in other industries. The Company was initially listed on AIM until 19 January 2009 when it transferred to the SFM (Specialist Fund Market), both markets operated by the London Stock Exchange plc. The Company's registered office is at Canon's Court 22 Victoria Street, Hamilton HM12, Bermuda.
Forward-looking statements
All statements, other than statements of historical fact, included in this release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. IRF assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
IRF.L (IRF)