1st Quarter Results
August 04 2010 - 5:42AM
UK Regulatory
TIDMIRF
RNS Number : 5111Q
IRF European Fin Investments Ltd
04 August 2010
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Three Months 2010 Results
IRF European Finance Investments Ltd announces its financial results for the
three months ended 31 March 2010.
Financial Highlights
+----------------------------+-------------+--------------+
| Amounts in EUR 000 | Three |There months |
| | months | ended 31 |
| | ended 31 | March 2009 |
| | March 2010 | |
+----------------------------+-------------+--------------+
| Income Statement Items: | | |
+----------------------------+-------------+--------------+
| (Loss)/Operating Income | 9,031 | 6,698 |
+----------------------------+-------------+--------------+
| (Loss)/Profit before | (19,324) | (13,806) |
| income tax | | |
+----------------------------+-------------+--------------+
| Income tax expense | - | - |
+----------------------------+-------------+--------------+
| (Loss)/Profit after tax | (19,324) | (13,806) |
+----------------------------+-------------+--------------+
| Other Comprehensive income | (1,711) | |
| net of tax | | |
+----------------------------+-------------+--------------+
| (Loss)/Total Comprehensive | (21,035) | (13,806) |
| income after tax | | |
+----------------------------+-------------+--------------+
| Attributable to equity | (21,035) | (13,806) |
| holders of IRF | | |
+----------------------------+-------------+--------------+
| Minority Interests | - | - |
+----------------------------+-------------+--------------+
| Basic earnings (loss) per | (0.15) | (0.11) |
| share (in euro/share) | | |
+----------------------------+-------------+--------------+
| Balance Sheet Items: | 31 March |31 December |
| | 2010 | 2009 |
+----------------------------+-------------+--------------+
| Cash and cash equivalents | 76,239 | 126,842 |
+----------------------------+-------------+--------------+
| Total Assets | 317,192 | 340,504 |
+----------------------------+-------------+--------------+
| Total Liabilities | 198,749 | 201,027 |
+----------------------------+-------------+--------------+
| Total Equity | 118,443 | 139,478 |
+----------------------------+-------------+--------------+
| Equity attributable to | 118,443 | 139,478 |
| equity holders of IRF | | |
+----------------------------+-------------+--------------+
| Minority Interest | - | - |
+----------------------------+-------------+--------------+
Share Premium Reduction and Related Payment to Shareholders
At a special general meeting of the Company held on 19 April 2010, shareholder
approval was given for the reduction of part of the Company's share premium. At
the time of the capital reduction, notwithstanding the Company having sufficient
cash reserves to distribute funds to its shareholders, Bermuda law restricted
the Company from declaring a dividend. The Company's board of directors
determined that it would be in the best interests of its shareholders to propose
a reduction of the Company's share premium account and to make a payment to its
shareholders in connection therewith.
In line with the resolution, IRF's share premium account was reduced on 22 April
2010 from US$495.4 million to US$457.9 million, enabling an amount of US$0.30
per common share to be paid to holders of the Company's common shares on record
on 6 April 2010. Payment was effected on 6 May 2010.
Loan Maturity Extended to 2015
In the beginning of the second quarter 2010, IRF restructured its outstanding
loan with Investment Bank of Greece. Under the terms of the agreement, IRF
repaid EUR40.0 million of the loan and extended the maturity date of the remaining
balance of approx. EUR160.0 million to 2015.
Net Asset Value
IRF determined that its shares had a net asset value ('NAV') of US$1.28 per
share as at 31 March 2010. The equity holdings portfolio of IRF is marked to
market on the balance sheet as at 31 March 2010. As of this date, the total
assets of the Company, including the cash balance of EUR76.2 million, was EUR317.2
million. The total liabilities were EUR198.7 million. Consequently, the equity
value was EUR118.4 million. The Euro/$ exchange rate of $1.3479 on 31 March 2010
was used to compute the NAV. As of 31 March 2010, 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, Deputy Chairman 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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