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IRF Euro Fin Invs Ld - 3rd Quarter Results

 
IRF Euro Fin Invs Ld - 3rd Quarter Results
RNS Number : 4482K
IRF European Fin Investments Ltd
19 December 2008
 




Press Release

19 December 2008




IRF European Finance Investments Ltd 


('IRF' or the 'Company')


Nine Months 2008 Results




IRF European Finance Investments Ltd (AIM: IRF) announces its audited financial results for the nine months ended 30 September 2008.  


Financial Highlights


Amounts in € 000

Nine months ended 30 September 2008

Nine months ended 30 September 2007

Income Statement items



Net Income

11,476

78,057

Profit before income tax

11,058

66,611

Income tax expense

-

-

Profit after tax from continuing operations

11,058

66,611

Net Profit from discontinued operations

(87,139)

28,551

Profit after Tax

(76,082)

95,161

Attributable to equity holders of IRF

(34,276)

15,300

Minority Interests

(41,806)

-

Basic earnings (loss) per share (in euro/share) 

(0.27)

0.70

Diluted earnings per share (in euro/share)

(0.27)

0.66

Basic earnings (loss) per share (in euro/share) from continuing operations

0.09

0.63

Diluted earnings per share (in euro/share) from continuing operations

0.09

0.60

Balance Sheet Items



Cash and cash equivalents

169,264

363,894

Total assets

619,312

2,770,958

Total liabilities

210,211

1,963,451

Total Equity

409,101

807,507

Equity attributable to equity holders of the Company

409,101

503,645

Minority Interests

-

303,862



Results of the Proton Group for the nine-month period ended 30 September 2008 have been consolidated in the financials as 'discontinued operations' due to the sale of a majority of IRF's stake in Proton Bank, as discussed below. The Proton Group suffered significant losses due to adverse economic conditions and the dislocation in the capital markets, especially as it related to the credit markets. Proton's loss for the period was €52.5 million, which has been included in discontinued operations. The losses from discontinued operations also include the loss from the disposal of Proton shares and related impairment losses on goodwill.


IRF prepares its financial statements in the format of 'order of liquidity' according to IAS 1 due to the nature of its operations. Given the disposal of the share in Proton, IRF will re-examine the format of the presentation of financial statements for the period beginning 1 January 2009, in order to adopt all the new changes and stipulations of the revised IAS 1. 


Disposal of Proton Shares


Given the significant volatility affecting financial institutions, IRF decided to dispose of a majority of its investment in Proton Bank. IRF was able to take advantage of an opportunity to sell these shares at a 10% premium to the then market price.  Consequently, on 25 September 2008 IRF sold 10 million shares in Proton Bank for gross sales proceeds of €65.0 million, paid in the form of cash.  The disposal of these Proton shares resulted in a loss of €26.9 million, as presented under results from discontinued operations. As of 30 September 2008 IRF held approximately 2.9 million shares in Proton.  


Net Asset Value

IRF determined that its shares had a net asset value ('NAV') of $4.62 per share as at 30 September 2008.   The equity holdings portfolio of IRF is marked to market on the balance sheet as at 30 September 2008.   As of this date, the total assets of the Company, including the cash balance of €169.3 million, was €619.3 million.  The total liabilities were €210.2 million.  Consequently, the equity value was €409.1 million.  The Euro/$ exchange rate of $1.4092 on 30 September 2008 was used to compute the NAV.   As of 30 September 2008, IRF had 124.8 million common shares outstanding. 

IRF intends to determine and publish NAV on a periodic basis. This estimated NAV is provided for information purposes only and should not be relied upon for investment decisions.

For further information:


IRF European Finance Investments Ltd

Angeliki Frangou, Chairperson                   Tel: +30 (0) 210 428 0560


Numis Securities Limited

Nick Westlake (Nomad)                            Tel: +44 20 7260 1000

Alex, Ham (Broker)                                  Tel: +44 20 7260 1000


About IRF


IRF was formed to invest in the financial services industry throughout Europe with a primary focus on credit institutions and insurance companies in South Eastern Europe. IRF's current strategy is the acquisition of financial institutions having valuations which do not reflect their potential and where marketing and operational efficiencies are possible.  


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
 
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