IRF Euro Fin Invs Ld - 3rd Quarter Results

Press Release

4 December 2009



IRF European Finance Investments Ltd

('IRF' or the 'Company')

Nine Months 2009 Results

IRF European Finance Investments Ltd announces its audited financial results for the nine months ended 30 September 2009.  

Financial Highlights:

Amounts in € 000	Nine months ended 30 September 2009	Nine months ended 30 September 2008 (as restated)
Income Statement items
Total Operating Income	35,448	30,801
(Loss)/Profit after tax from continuing operations	6,228	11,058
Net (Loss)/Profit from discontinued operations	-	(87,139)
(Loss)/Profit after Tax	6,228	(76,082)
Attributable to equity holders of IRF	6,228	(34,276)
Minority Rights	-	(41,806)
Basic earnings (loss) per share (in euro/share)	0.05	(0.27)
Diluted earnings per share (in euro/share)	0.05	(0.27)
Basic earnings (loss) per share (in euro/share) from continuing operations	0.05	0.09
Diluted earnings per share (in euro/share) from continuing operations	0.05	0.09
Balance Sheet Items	30 September 2009	31 December 2008 (as restated)
Cash and cash equivalents	110,012	148,610
Total Assets	425,237	403,689
Total Liabilities	198,204	200,148
Total Equity	227,033	203,541
Equity attributable to equity holders of the Company	227,033	203,541
Minority Rights	-	-

Net Asset Value

IRF determined that its shares had a net asset value ('NAV') of $2.66 per share as at 30 September 2009. The equity holdings portfolio of IRF is marked to market on the balance sheet as at 30 September 2009. As of this date, the total assets of the Company, including the cash balance of €110.0 million, was €425.2 million. The total liabilities were €198.2 million. Consequently, the equity value was €227.0 million. The Euro/$ exchange rate of $1.4643 on 30 September 2009 was used to compute the NAV. As of 30 September 2009, 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.

For further information:

IRF European Finance Investments Ltd

Angeliki Frangou, Chairperson            Tel: +30 (0) 210 428 0560

Sheldon 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.

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