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Full Year 2010 Results

 

IRF European Finance Investments Ltd

('IRF' or the 'Company')

 

Full Year 2010 Results

 

IRF European Finance Investments Ltd (SFM: IRF) announces its audited financial results for the fiscal year ended 31 December 2010.  

 

Financial Highlights

 

Amounts in € 000

Fiscal Year ended 31 December 2010

Fiscal Year ended 31 December 2009

Income Statement items:



(Loss)/ Operating Income

22,362

44,462

(Loss)/Profit before income tax

(107,353)

(50,994)

Income tax expense

(74)

(96)

(Loss)/Profit after Tax

(107,426)

(51,090)

Other Comprehensive income, net of tax

(4,966)

4,978

(Loss)/ Total Comprehensive income after tax

(112,392)

(46,112)

Attributable to equity holders of IRF

(112,392)

(46,112)

Minority Interests

-

-

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

(0.86)

(0.41)

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

(0.86)

(0.41)

Balance Sheet Items:



Cash and cash equivalents

653

126,842

Total assets

168,310

340,504

Total liabilities

160,623

201,027

Total Equity

7,687

139,478

Equity attributable to equity holders of IRF

7,687

139,478

 

 

In December 2010 the Company issued approximately 12.5 million common shares with a value of US$0.95 per share in exchange for approximately 12.2 million common shares in Marfin Investment Group ("MIG"). This transaction increased the Company's investment in MIG at an attractive price while also increasing the equity in IRF.

 

Following this issue, the company had 137.3 million shares outstanding.

Return of Capital 

On 29 July 2010, the Company received the amount of approximately €9 million in the form of a return of capital from its investment in MIG. 

Loan Maturity 

In the beginning of the second quarter 2010, IRF repaid €40 million of its outstanding loan with Investment Bank of Greece.  On 20 July 2010 the Company entered into an agreement to refinance the remaining €160 million loan for a five year period.  The loan refinancing was completed in the third quarter of 2010.   

Information

 

A copy of our annual financial report can be found on our website (http://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
 
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