IRF Euro Fin Invs Ld - Interim Results



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 € 000	The Group	IRF
Amounts in € 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 $4.97 per share, on 30 June 2008, computed as follows: IRF owned a 20.60% interest in Proton Bank and a 8.16% interest in Marfin Investment Group ('MIG').  The value of these holdings, based on the closing share price on the Athens Stock Exchange on 30 June 2008, was €398.6 million. The Euro/$ 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 €21.53 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.

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