Annual Financial Report (7383F)
May 03 2011 - 1:01AM
UK Regulatory
TIDMIRF
RNS Number : 7383F
IRF European Fin Investments Ltd
01 May 2011
IRF European Finance Investments Ltd
30 April 2011
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
Fiscal Year ended Fiscal Year ended
Amounts in EUR 000 31 December 2010 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 EUR9 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 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.
Information
A copy of our annual financial report can be found on our
website (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
END
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