IRF European Fin Investments Ltd
07 December 2007
IRF European Finance Investments Limited ('IRF')
• Consolidated Net Income increases to €177.1 million for nine month period
ended 30 September 2007
• Net asset value per share of $5.49 as of 30 September 2007
IRF European Finance Investments Limited (AIM: IRF) announces financial results
for the nine month period ended 30 September 2007. Angeliki Frangou, chairman
of IRF European Finance Investments Limited ('IRF' or the 'Company') stated, 'We
are pleased with our accomplishments during the first nine months of 2007, as
during this period, we:
• Completed two warrant programs, reducing warrants outstanding by 85% and
raising $292.8 million.
• Purchased 41.4 million shares in Marfin Popular Bank ('Marfin'). These
shares were subsequently sold for a €66.9 million profit. ($91.0 million,
using an exchange rate of €1.36:$1.00).
• IRF purchased 261,891 additional shares in Proton Bank ('Proton') which
increased our stake in Proton to 20.60%
• Received dividends from Proton in the amount of €3.5 million ($4.76
million)
• Received dividends from Marfin in the amount of €12.8 million ($17.4
million)
• Paid $14.8 million ($0.26 per share) in dividend payments on 18 April 2007
to our shareholders of record as of 23 March 2007
• Returned capital to the shareholders by repurchasing 3.5 million of our
outstanding shares in the open market for $15.6 million.'
Ms. Frangou continued 'although we have actively pursued investment
opportunities, prudence dictated that we preserve our capital and flexibility in
light of relatively expensive assets. Our patience has been warranted given the
global financial market dislocation, resulting from stress in asset-backed
securities. This dislocation is having an adverse impact on the credit markets,
and we are witnessing a repricing of risk generally, with a significant impact
on the financial services sector in particular. These market dynamics may give
rise to new investment opportunities, and we are monitoring events closely.'
Net Asset Value
As of the business close on 30 September 2007, IRF determined that its shares
had a Net Asset Value ('NAV') of $5.49 per share.
On 30 September 2007, IRF owned a 20.60% interest in Proton whose shares trade
on the Athens Stock Exchange. The market value of these holdings, based on
closing share prices on 28 September 2007, was approximately €134.3 million.
IRF Common shares outstanding as at 30 September 2007 equalled approximately
125.8 million shares.
The Company intends to periodically determine and publish NAV.
Financials
Below are the financial highlights of IRF and its subsidiaries (together 'the
Group'). IRF owns a 20.60% interest in Proton and has appointed 6 members of the
11 member board. As a result it is considered to have 'de facto' control of
Proton's financial and operating activities and its financials are fully
consolidated into the Group's accounts. In general, because of the merger
activity in 2006, items in the condensed income statement and cash flow
statement of this period are not comparable with the respective items of the
prior period.
Financial Highlights
Nine month period ended
Amounts in € 000 Note 30 September 2007 30 September 2006
Income Statement Items
Net Income 177,060 19,452
Profit before income tax 100,604 15,886
Income tax expense 5,443 1,534
Profit after tax 95,161 14,351
Attributable to equity holders 73,199 9,941
of IRF
Minority Interests 21,962 4,410
Basic earnings per share (in 0.70 0.17
euro/share)
Diluted earnings per share (in 0.66 0.16
euro/share)
Balance Sheet Items 30 September 2007 31 December 2006
Cash and Cash Equivalents 566,044 203,917
Total assets 2,770,958 1,746,424
Total liabilities 1,963,451 1,200,714
Total Equity 807,507 545,710
Equity attributable to equity 503,645 238,397
holders of IRF
Minority Interests 303,862 307,313
For further information:
IRF European Finance Investments Ltd
Angeliki Frangou, Chairperson Tel: +30 (0) 210 4280560
Numis Securities Limited
Jagjit Mundi Tel: +44 20 7260 1000
James Black 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. IRF owns a 20.60% interest
in Proton Bank
About Proton Bank
Proton Bank is a full-service financial services institution, including retail
and investment banking as well as the provision of specialized corporate
advisory and investment services. Proton Bank has (25) branches in Greece is
listed on the Athens Stock Exchange under the symbol 'PRO'.
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
