3rd Quarter Results (3040Y)
December 20 2010 - 10:34AM
UK Regulatory
TIDMIRF
RNS Number : 3040Y
IRF European Fin Investments Ltd
20 December 2010
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Nine Months 2010 Results
IRF European Finance Investments Ltd announces its financial
results for the nine months ended 30 September 2010.
Financial Highlights
Nine months Nine months
ended 30 September ended 30 September
Amounts in EUR 000 2010 2009
-------------------------------- -------------------- --------------------
Income Statement Items:
-------------------------------- -------------------- --------------------
(Loss)/Operating Income 18,726 35,448
-------------------------------- -------------------- --------------------
(Loss)/Profit before income
tax (97,498) 6,228
-------------------------------- -------------------- --------------------
Income tax expense (4) -
-------------------------------- -------------------- --------------------
(Loss)/Profit after tax (97,502) 6,228
-------------------------------- -------------------- --------------------
Other Comprehensive income
net of tax (4,489) 35,215
-------------------------------- -------------------- --------------------
(Loss)/Total Comprehensive
income after tax (101,991) 41,443
-------------------------------- -------------------- --------------------
Attributable to equity holders
of IRF (101,991) 41,443
-------------------------------- -------------------- --------------------
Minority Interests - -
-------------------------------- -------------------- --------------------
Basic earnings (loss) per
share (in euro/share) (0.78) 0.05
-------------------------------- -------------------- --------------------
30 September 31 December
Balance Sheet Items: 2010 2009
-------------------------------- -------------------- --------------------
Cash and cash equivalents 6,797 126,842
-------------------------------- -------------------- --------------------
Total Assets 169,204 340,504
-------------------------------- -------------------- --------------------
Total Liabilities 160,168 201,027
-------------------------------- -------------------- --------------------
Total Equity 9,036 139,478
-------------------------------- -------------------- --------------------
Equity attributable to equity
holders of IRF 9,036 139,478
-------------------------------- -------------------- --------------------
Minority Interest - -
-------------------------------- -------------------- --------------------
Return of Capital
On 29 July 2010, the Company received the amount of
approximately EUR9 million in the form of a return of capital from
its investment in Marfin Investment Group.
Loan Maturity
In the beginning of the second quarter 2010, IRF repaid EUR40
million of its outstanding loan with Investment Bank of Greece. On
20 July 2010 the Company entered into an agreement to refinance the
remaining EUR160 million loan for a five year period. The loan
refinancing was completed in the third quarter of 2010.
For further information:
IRF European Finance Investments Ltd
Angeliki Frangou, Chairperson Tel: +30 (0) 210 428 0560
Sheldon Goldman, Deputy Chairman 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. On 19 January 2009 IRF commenced trading on the
SFM (Specialist Fund Market), 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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