3rd Quarter Results
December 04 2009 - 8:35AM
UK Regulatory
TIDMIRF
RNS Number : 6249D
IRF European Fin Investments Ltd
04 December 2009
+------------------------------------------+------------------------------------------+
| Press Release | 4 December 2009 |
+------------------------------------------+------------------------------------------+
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Nine Months 2009 Results
IRF European Finance Investments Ltd announces its audited financial results for
the nine months ended 30 September 2009.
Financial Highlights:
+---------------------------------+------------------+-------------------+
| Amounts in EUR 000 | Nine months |Nine months ended |
| | ended 30 |30 September 2008 |
| | September 2009 | (as restated) |
+---------------------------------+------------------+-------------------+
| Income Statement items | | |
+---------------------------------+------------------+-------------------+
| Total Operating Income | 35,448 | 30,801 |
+---------------------------------+------------------+-------------------+
| (Loss)/Profit after tax from | 6,228 | 11,058 |
| continuing operations | | |
+---------------------------------+------------------+-------------------+
| Net (Loss)/Profit from | - | (87,139) |
| discontinued operations | | |
+---------------------------------+------------------+-------------------+
| (Loss)/Profit after Tax | 6,228 | (76,082) |
+---------------------------------+------------------+-------------------+
| Attributable to equity holders | 6,228 | (34,276) |
| of IRF | | |
+---------------------------------+------------------+-------------------+
| Minority Rights | - | (41,806) |
+---------------------------------+------------------+-------------------+
| Basic earnings (loss) per share | 0.05 | (0.27) |
| (in euro/share) | | |
+---------------------------------+------------------+-------------------+
| Diluted earnings per share (in | 0.05 | (0.27) |
| euro/share) | | |
+---------------------------------+------------------+-------------------+
| Basic earnings (loss) per share | 0.05 | 0.09 |
| (in euro/share) from continuing | | |
| operations | | |
+---------------------------------+------------------+-------------------+
| Diluted earnings per share (in | 0.05 | 0.09 |
| euro/share) from continuing | | |
| operations | | |
+---------------------------------+------------------+-------------------+
| Balance Sheet Items | 30 September | 31 December 2008 |
| | 2009 | (as restated) |
+---------------------------------+------------------+-------------------+
| Cash and cash equivalents | 110,012 | 148,610 |
+---------------------------------+------------------+-------------------+
| Total Assets | 425,237 | 403,689 |
+---------------------------------+------------------+-------------------+
| Total Liabilities | 198,204 | 200,148 |
+---------------------------------+------------------+-------------------+
| Total Equity | 227,033 | 203,541 |
+---------------------------------+------------------+-------------------+
| Equity attributable to equity | 227,033 | 203,541 |
| holders of the Company | | |
+---------------------------------+------------------+-------------------+
| Minority Rights | - | - |
+---------------------------------+------------------+-------------------+
Net Asset Value
IRF determined that its shares had a net asset value ('NAV') of $2.66 per share
as at 30 September 2009. The equity holdings portfolio of IRF is marked to
market on the balance sheet as at 30 September 2009. As of this date, the total
assets of the Company, including the cash balance of EUR110.0 million, was EUR425.2
million. The total liabilities were EUR198.2 million. Consequently, the equity
value was EUR227.0 million. The Euro/$ exchange rate of $1.4643 on 30 September
2009 was used to compute the NAV. As of 30 September 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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