1st Quarter Results (2667N)
30 Agosto 2011 - 6:09PM
UK Regulatory
TIDMIRF
RNS Number : 2667N
IRF European Fin Investments Ltd
30 August 2011
IRF European Finance Investments Ltd
30 August 2011
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Three Months 2011 Results
IRF European Finance Investments Ltd (SFM: IRF) announces its
audited financial results for the three months ended 31 March
2011.
Financial Highlights:
Three months
ended 31 March Three months ended
Amounts in EUR 000 2011 31 March 2010
------------------------------------ ---------------- -------------------
Income Statement items:
------------------------------------ ---------------- -------------------
(Loss)/ Operating Income 2,786 9,031
------------------------------------ ---------------- -------------------
(Loss)/Profit Before Income Tax (5,208) (19,324)
------------------------------------ ---------------- -------------------
Income Tax Expense - -
------------------------------------ ---------------- -------------------
(Loss)/Profit after Tax (5,208) (19,324)
------------------------------------ ---------------- -------------------
Other Comprehensive Income, net
of tax 8,262 (1,711)
------------------------------------ ---------------- -------------------
(Loss)/ Total Comprehensive Income
after tax 3,054 (21,035)
------------------------------------ ---------------- -------------------
Attributable to Equity Holders
of IRF 3,054 (21,035)
------------------------------------ ---------------- -------------------
Minority Interests - -
------------------------------------ ---------------- -------------------
Basic Earnings (loss) per Share
(in euro/share) (0.04) (0.15)
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Balance Sheet Items: 31 March 2011 31 December 2010
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Cash and Cash Equivalents 2,193 653
------------------------------------ ---------------- -------------------
Total Assets 181,515 168,310
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Total Liabilities 170,773 160,623
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Total Equity 10,741 7,687
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Equity Attributable to Equity
Holders of IRF 10,741 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
EUR15,847,894.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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