IRF Euro Fin Invs Ld - 1st Quarter Results



Press Release

16 July 2009



IRF European Finance Investments Ltd

('IRF' or the 'Company')

First Quarter 2009 Results

IRF European Finance Investments Ltd announces its audited financial results for the three months ended 31 March 2009.  

Financial Highlights:

Amounts in € 000	Three months ended 31 March 2009	Three months ended 31 March 2008
Income Statement items
Total Operating Income	6,698	2,926
(Loss)/Profit after tax from continuing operations	(13,806)	(8,323)
Net (Loss)/Profit from discontinued operations	-	5,287
(Loss)/Profit after Tax	(13,806)	(3,036)
Attributable to equity holders of IRF	(13,806)	(7,029)
Minority Interests	-	3,992
Basic earnings (loss) per share (in euro/share)	(0.11)	(0.06)
Diluted earnings per share (in euro/share)	(0.11)	(0.06)
Basic earnings (loss) per share (in euro/share) from continuing operations	(0.11)	(0.07)
Diluted earnings per share (in euro/share) from continuing operations	(0.11)	(0.07)
Balance Sheet Items
Cash and cash equivalents	148,505	148,610
Total assets	389,533	403,689
Total liabilities	199,798	200,148
Total Equity	189,735	203,541
Equity attributable to equity holders of the Company	189,735	203,541
Minority Interests	-	-

 

In previous periods IRF prepared its consolidated financial statements based on the format of 'order of liquidity' due to the nature of the operations of the consolidated group of Proton Bank. The format of 'order of liquidity' is used as best practice by all financial institutions. Following the disposal by IRF of its entire holding in Proton Bank it has decided, according to the requirements of IAS 1, to adopt the presentation of 'current and non-current assets', and 'current and non-current liabilities', as separate classifications in its statement of financial position going forward, as most funds and investing entities implement in their financial statements. 

Net Asset Value

IRF determined that its shares had a net asset value ('NAV') of $2.01 per share as at 31 March 2009. The equity holdings portfolio of IRF is marked to market on the balance sheet as at 31 March 2009. As of this date, the total assets of the Company, including the cash balance of €148.5 million, was €389.5 million. The total liabilities were €199.8 million. Consequently, the equity value was €189.7 million. The Euro/$ exchange rate of $1.3250 on 31 March 2009 was used to compute the NAV. As of 31 March 2009, 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

Sheldon 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.

END QRFEAEXKFDFNEFE