Interim Results
September 11 2008 - 2:00AM
UK Regulatory
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
END
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