IRF Irf European Finance Investments Ltd

    RNS Number : 1891D
  IRF European Fin Investments Ltd
  11 September 2008
   


 Press Release  11 September 2008



    IRF European Finance Investments Ltd 

    ("IRF" or the "Company")

    First Half 2008 Results


    IRF European Finance Investments Ltd (AIM: IRF) announces its audited financial results for the six months ended 30 June 2008.  

    Below are the financial highlights of the consolidated group, including Proton Bank and its subsidiaries (the "Group") and IRF and its
wholly owned subsidiaries for the six months ended 30 June 2008.

    Financial Highlights


 Amounts in EUR 000                                    The Group    IRF
 Amounts in EUR 000                                    The Group    IRF
 Income Statement items
 Net Income                                             45,641    18,848
 Profit before income tax                                4,805    15,300
 Income tax expense                                     (1,214)      -
 Profit after tax                                        2,807    15,300
 Attributable to equity holders of the Company           4,596    15,300
 Minority Interests                                     (1,789)      -
 Basic earnings per share (in euro/share)                0.04      0.12
 Diluted earnings per share (in euro/share)              0.04      0.12
 Balance Sheet Items
 Cash and cash equivalents                              37,141    138,776
 Total assets                                          2,798,237  590,939
 Total liabilities                                     2,096,570  160,266
 Total Equity                                           701,667   430,673
 Equity attributable to equity holders of the Company   428,793   430,673
 Minority Interests                                     272,874      -


    Net Asset Value

    IRF determined that its shares had a net asset value ("NAV") of $4.97 per share, on 30 June 2008, computed as follows: IRF owned a
20.60% interest in Proton Bank and a 8.16% interest in Marfin Investment Group ('MIG").  The value of these holdings, based on the closing
share price on the Athens Stock Exchange on 30 June 2008, was EUR398.6 million. The Euro/$ exchange rate of $1.5753 on 30 June 2008 was
used. As of 30 June 2008, 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.

    Recent Acquisitions

    Following further acquisitions made in the third quarter of 2008, IRF currently holds approximately 75.4 million shares of MIG, an
investment holding company listed on the Athens Stock Exchange. This holding represents approximately 10.1% of the issued share capital of
MIG.

    Subsequent Event

    In early July 2008, IRF received approximately EUR21.53 million in respect of the 56.6 million MIG shares owned by IRF on the record
date for the related dividend payment. 

    For further information:

    IRF European Finance Investments Ltd
    Angeliki Frangou, Chairperson               Tel: +30 (0) 210 428 0560

    Numis Securities Limited
    Nick Westlake (Nomad)                        Tel: +44 20 7260 1000
    James Black (Broker)                           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 and a 10.1%
interest in Marfin Investment Group.

    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 28 branches in Greece and 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
 
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