IRF European Finance Investments Ltd 

30 April 2012

 

IRF European Finance Investments Ltd

('IRF' or the 'Company')

 

Fiscal 2011 and Nine-Month Results

 

IRF European Finance Investments Ltd (SFM: IRF) announces its audited financial results for the fiscal year ended 31 December 2011 and the nine-month period ending 30 September 2011.

 

Financial Highlights

 

Amounts in € 000	Fiscal Year ended  31 December 2011	Fiscal Year ended    31 December 2010
Income Statement items:
(Loss)/ Operating Income	(1,909)	22,362
(Loss)/Profit before income tax	(77,995)	(107,353)
Income tax expense	125	(74)
(Loss)/Profit after Tax	(77,870)	(107,426)
Other Comprehensive income, net of tax	17,794	(4,966)
(Loss)/ Total Comprehensive income after tax	(60,076)	(112,392)
Attributable to equity holders of IRF	(60,076)	(112,392)
Minority Interests	-	-
Basic earnings (loss) per share (in euro/share)	(0.57)	(0.86)
Diluted earnings (loss) per share (in euro/share)	(0.57)	(0.86)
Balance Sheet Items:	31 December 2011	31 December 2010
Cash and cash equivalents	4,600	653
Total assets	141,558	168,310
Total liabilities	178,098	160,623
Total Equity	(36,540)	7,687
Equity attributable to equity holders of IRF	(36,540)	7,687

 

 

Amounts in € 000	Nine months  ended 30 September 2011	Nine months ended  30 September 2010
Income Statement items:
(Loss)/ Operating Income	1,150	18,726
(Loss)/Profit before income tax	(76,666)	(97,498)
Income tax expense	-	(4)
(Loss)/Profit after Tax	(76,666)	(97,502)
Other Comprehensive income, net of tax	(5)	(4,489)
(Loss)/ Total Comprehensive income after tax	(76,671)	(101,991)
Attributable to equity holders of IRF	(76,671)	(101,991)
Minority Interests	-	-
Basic earnings (loss) per share (in euro/share)	(0.56)	(0.78)
Diluted earnings (loss) per share (in euro/share)	(0.56)	(0.78)
Balance Sheet Items:	30 September 2011	31 December 2010
Cash and cash equivalents	756	653
Total assets	120,398	168,310
Total liabilities	173,533	160,623
Total Equity	(53,135)	7,687
Equity attributable to equity holders of IRF	(53,135)	7,687

 

In July 2011 the Company issued 49,834 preference shares in exchange for 31,074,302 shares in Marfin Investment Group ("MIG").  MIG shares acquired were valued based on the closing price on the Athens Stock Exchange as of 14 July 2011.  This transaction increased the Company's equity by €15,847,894.

 

Following this issue, the Company had 137,315,633 common shares and 49,834 preference shares outstanding.

Subsequent Events

Through January 2012, certain shareholders had provided loans amounting to $3.8 million.  The maturity dates of the loans are March 2015.  In April 2012, the Company agreed with the lending banks to restructure its existing loan agreement and obtained appropriate waivers regarding non-compliance with the Total Assets to Total Liabilities financial covenant through March 2013.  In general, the Company will not pay any interest on its loan from April 2012 through March 2013. All such accrued and unpaid interest will be capitalized.  The interest margin would increase to 3% per annum through this period.  The maturity date of the loan remains unchanged.

Information

 

A copy of our annual financial report can be found on our website (http://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.