Final Results (3615C)
30 Aprile 2012 - 1:49PM
UK Regulatory
TIDMIRF
RNS Number : 3615C
IRF European Fin Investments Ltd
30 April 2012
IRF European Finance Investments Ltd
30 April 2012
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Fiscal 2011 and Nine-Month Results
IRF European Finance Investments Ltd (SFM: IRF) announces its
audited financial results for the fiscal year ended 31 December
2011 and the nine-month period ending 30 September 2011.
Financial Highlights
Amounts in EUR 000 Fiscal Year ended Fiscal Year ended
31 December 2011 31 December 2010
------------------------------------ ------------------ ------------------
Income Statement items:
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(Loss)/ Operating Income (1,909) 22,362
------------------------------------ ------------------ ------------------
(Loss)/Profit before income tax (77,995) (107,353)
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Income tax expense 125 (74)
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(Loss)/Profit after Tax (77,870) (107,426)
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Other Comprehensive income, net
of tax 17,794 (4,966)
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(Loss)/ Total Comprehensive income
after tax (60,076) (112,392)
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Attributable to equity holders
of IRF (60,076) (112,392)
------------------------------------ ------------------ ------------------
Minority Interests - -
------------------------------------ ------------------ ------------------
Basic earnings (loss) per share
(in euro/share) (0.57) (0.86)
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Diluted earnings (loss) per share
(in euro/share) (0.57) (0.86)
------------------------------------ ------------------ ------------------
Balance Sheet Items: 31 December 2011 31 December 2010
------------------------------------ ------------------ ------------------
Cash and cash equivalents 4,600 653
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Total assets 141,558 168,310
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Total liabilities 178,098 160,623
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Total Equity (36,540) 7,687
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Equity attributable to equity
holders of IRF (36,540) 7,687
------------------------------------ ------------------ ------------------
Amounts in EUR 000 Nine months ended Nine months ended
30 September 30 September 2010
2011
------------------------------------ ------------------ -------------------
Income Statement items:
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(Loss)/ Operating Income 1,150 18,726
------------------------------------ ------------------ -------------------
(Loss)/Profit before income tax (76,666) (97,498)
------------------------------------ ------------------ -------------------
Income tax expense - (4)
------------------------------------ ------------------ -------------------
(Loss)/Profit after Tax (76,666) (97,502)
------------------------------------ ------------------ -------------------
Other Comprehensive income, net
of tax (5) (4,489)
------------------------------------ ------------------ -------------------
(Loss)/ Total Comprehensive income
after tax (76,671) (101,991)
------------------------------------ ------------------ -------------------
Attributable to equity holders
of IRF (76,671) (101,991)
------------------------------------ ------------------ -------------------
Minority Interests - -
------------------------------------ ------------------ -------------------
Basic earnings (loss) per share
(in euro/share) (0.56) (0.78)
------------------------------------ ------------------ -------------------
Diluted earnings (loss) per share
(in euro/share) (0.56) (0.78)
------------------------------------ ------------------ -------------------
Balance Sheet Items: 30 September 31 December 2010
2011
------------------------------------ ------------------ -------------------
Cash and cash equivalents 756 653
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Total assets 120,398 168,310
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Total liabilities 173,533 160,623
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Total Equity (53,135) 7,687
------------------------------------ ------------------ -------------------
Equity attributable to equity
holders of IRF (53,135) 7,687
------------------------------------ ------------------ -------------------
In July 2011 the Company issued 49,834 preference shares in
exchange for 31,074,302 shares in Marfin Investment Group ("MIG").
MIG shares acquired were valued based on the closing price on the
Athens Stock Exchange as of 14 July 2011. This transaction
increased the Company's equity by EUR15,847,894.
Following this issue, the Company had 137,315,633 common shares
and 49,834 preference shares outstanding.
Subsequent Events
Through January 2012, certain shareholders had provided loans
amounting to $3.8 million. The maturity dates of the loans are
March 2015. In April 2012, the Company agreed with the lending
banks to restructure its existing loan agreement and obtained
appropriate waivers regarding non-compliance with the Total Assets
to Total Liabilities financial covenant through March 2013. In
general, the Company will not pay any interest on its loan from
April 2012 through March 2013. All such accrued and unpaid interest
will be capitalized. The interest margin would increase to 3% per
annum through this period. The maturity date of the loan remains
unchanged.
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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