![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ifr Capital | LSE:IFR | London | Ordinary Share | CY1000081111 | ORD EUR0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.095 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3905E IFR Capital PLC 26 September 2008 IFR Capital Plc Interim Results for the Period ended 30 June 2008 IFR Capital Plc ("IFR Capital" or the "Company"), the investment company focused on consolidation opportunities in the European food retail sector, today announces its interim results for the six months ended June 2008. Highlights * Strong growth in sales from acquisitions and organic growth * Operating EBITDA (pre exceptional items) of EUR 15,5 million (2007: EUR 5,0 million) on revenue of EUR 374,0 million (2007: EUR164,3 million) * Successful internationalisation of Nordsee franchise * Integration of Homann / Hamker faster than expected * High Court proceedings between IFR Capital and ACP stayed until end of November * Structure of IFR Capital balance sheet needs to be improved; third party offer made to ACP for all of its investment (Equity, Preferred Equity, Debt) Operational and Financial Review The results for the period include full 6 month contributions from Nordsee GmbH ("Nordsee"), Homann Chilled Food GmbH ("Homann"), Bastian's GmbH ("Bastian's") and a circa 5 month period for Hamker Lebensmittel Beteiligungs GmbH & Co. KG ("Hamker"). The Hamker acquisition was completed at the end of January 2008. IFR Capital's revenues for the six months ended 30 June 2008 were EUR374,0 million (1H07 EUR164,3 million), while EBITDA before exceptional items amounted to EUR15,5 million (1H07 EUR5,0 million). Both sales and EBITDA are in line with the Board's expectations. Taking the seasonality of the business into account, the Board expects the Company to achieve sales of EUR763 million and an operating EBITDA of EUR52 million for the full year ending December 2008. The equity to total asset ratio at the end of the period was 29,4%. IFR currently has EUR163 million of long term interest bearing debt and EUR107 million of preferred equity in issue (including accrued interest). Operational efficiencies at the Nordsee division in Germany and Austria improved EBITDA by EUR2 million to EUR8,6 million from EUR6,6 million. Divisional EBITDA margin increased from 4,3% to 5,6% in the first half year and, because of the seasonality of the business, is expected to increase to 9,3% by the end of 2008. Nordsee is expanding its international business to the Middle East and Eastern Europe with successful store openings in Budapest, Bukarest and Prague to date and a planned opening in Dubai in November this year. The division expects to enter the Turkish market in the near term. The Homann / Hamker division for the period generated EUR209 million of sales and EUR6,8 million of EBITDA. Increased raw material prices put pressure on the operating performance, however the Company has negotiated to pass a substantial proportion of these additional costs onto retail customers, with effect from September. The integration process is being implemented faster than expected and will be finished by the end of 2008. Major projects include combined procurement, centralisation of warehousing functions, merger of logistic companies and the closure of the administrative operations of Hamker. EUR13 million of exceptional restructuring costs are expected to arise in 2008 (with net exceptional items of EUR2.1 million during the 6 month period) to achieve an anticipated EUR16 million of annual synergies. Another EUR5 million has been invested in a German TV campaign to strengthen the Homann brand in addition to the historic marketing budget. Bastian's, the premium bakery concept has generated strong growth of 17% on like for like sales and a profitable performance in its new store in Cologne, opened at the end of 2007. The concept has proven a success and further locations are being investigated for future development and growth. The High Court proceedings between IFR Capital and ACP relating to the claim by ACP for an increase of the margin on a part of IFR Capital's debt and the counterclaim by IFR Capital for an account of profits and / or other compensation for breach of fiduciary duties have been stayed until the end of November. The Company believes that, in order to realise its strategy of building a food group with EUR1,5 billion turnover and an EBITDA margin of 10% within the next few years, it is a prerequisite that its capital structure be restructured. The most important objective of IFR Capital in the second half of 2008 is therefore to improve the structure of its balance sheet. Given the current terms of the preferred equity, it is essential that the preferred equity is refinanced, either by way of redemption or conversion into ordinary equity or another similar instrument on acceptable terms to the Board. Theo Mr, one of the owners of the preferred equity, is strongly supportive of converting the preferred equity into ordinary equity. However, ACP, the other owner of the preferred equity, was not willing to convert its preferred equity into ordinary equity. ACP has received a cash offer for all of its investment in IFR Capital from private investors, who are in line with the intentions of Theo Mr. Heiner Kamps, the CEO and one of the main shareholders of IFR Capital, summarizes: "I am pleased with the development of the operating business during the six months ended 30 June 2008, in spite of price increases of raw materials and difficult negotiations with retail customers. We have established a good platform to realize our growth strategy. However, an inevitable precondition to realise this strategy is for the preferred equity to be refinanced, and the Board believes that this should be converted into ordinary equity to strengthen the balance sheet. The Company is aware that funding for this transaction is available, because of the support of the Company's financially strong shareholders. In order to benefit from the opportunities for IFR that the market currently offers, there would need to be an agreement on this transaction by the end of 2008." Enquiries: Chris Wells, Collins Stewart Europe Limited +44 20 7523 8350 (Nominated Advisor to the Company) Ulrike Sucker, IFR Capital +49 211 310627 0 For further information on IFR Capital, please visit www.ifrcapital.eu. IFR Capital PLC Consolidated Income Statement for the period ended June 30, 2008 Jan. 1, to Jun. 30, 2008 Jan. 1, to Jun. 30, 2007 12 months to Dec. 31, 2007 EUR k EUR k EUR k Revenue 374,012 164,283 480,523 Changes in inventories 1,238 -1,467 Other operating income 16,199 4,450 13,596 Cost of materials -222,507 -67,599 -220,812 Personnel expenses -79,797 -57,219 -133,698 Depreciation, amortization and impairment losses -14,015 -6,444 -21,627 Other operating expenses -75,741 -38,925 -98,959 Profit / (loss) from operations -611 -1,454 17,556 Finance income 561 2,288 3,436 Finance costs -21,298 -5,267 -22,189 Loss before income taxes -21,348 -4,433 -1,197 Income tax credit / (expense) 2,705 830 15,782 Profit / (loss) for the period -18,643 -3,603 14,585 Attributable to: - Equity holders of -18,643 -3,603 14,585 the parent - Minority interests 0 0 0 -18,643 -3,603 14,585 Earnings / (loss) per share: basic/diluted for profit / (loss) for the period attributable to ordinary equity holders of EUR -0,00 EUR -0,00 EUR 0,07 the parent IFR Capital PLC Consolidated Balance Sheet Jun. 30, 2008 Jun. 30, 2007 Dec. 31, 2007 EUR k EUR k EUR k ASSETS Non-current assets Property, plant and equipment 128,491 103,323 106,551 Intangible assets 493,630 459,620 480,933 Other financial assets 432 2 432 Other assets 2,605 3,039 2,595 625,158 565,984 590,511 Current assets Inventories 32,300 17,555 19,149 Trade receivables 19,859 20,589 20,170 Other financial assets 13,517 20,315 17,631 Other assets 12,078 1,219 Cash and cash equivalents 24,710 20,110 22,455 102,464 78,569 80,624 TOTAL ASSETS 727,622 644,553 671,135 EQUITY AND LIABILITIES Equity Issued capital 2,228 2,228 2,228 Share premium 213,229 213,229 213,229 Other reserves -2 -12 -14 Retained earnings / (losses) -1,882 -3,989 16,761 213,573 211,456 232,204 Non-current liabilities Interest-bearing loans and borrowings 162,507 166,301 Pension provisions and similar obligations 60,566 64,224 60,488 Other provisions 10,291 5,841 12,138 Other financial liabilities 98,642 1,039 48,987 Deferred tax liabilities 60,708 52,256 59,810 392,714 123,360 347,724 Current liabilities Interest-bearing loans and borrowings 8,867 125,878 1,638 Other provisions 29,626 31,780 23,634 Trade payables 50,589 35,287 44,054 Other financial liabilities 10,130 116,636 16,933 Other liabilities 21,607 4,423 Income tax liabilities 516 156 525 121,335 309,737 91,207 Total liabilities 514,049 644,553 671,135 TOTAL EQUITY AND LIABILITIES 727,622 644,553 671,135 Chief Financial Officer IFR CAPITAL PLC INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2007 Issued Share Retained Other Total Capital premium Earnings Reserves Equity EUR k EUR k EUR k EUR k EUR k At 1 January 2007 1,350 126,324 -386 0 127,288 Foreign currency translation 0 0 0 -12 -12 Total income and expense for the period recognised direct in equity 0 0 0 -12 -12 Loss for the year 0 0 -3,603 0 -3,603 Total income and expense for the period 0 0 -3,603 -12 -3,615 Issue of Share capital 878 86,905 0 0 87,783 At 30 June 2007 2,228 213,229 -3,989 -12 211,456 IFR Capital PLC Consolidated Cash Flow Statement for the period January 1, 2008 to June 30, 2008 Jan. 1, to Jun. 30, 2008 Jan. 1, to Jun. 30, 2007 12 months to Dec. 31, 2007 EUR k EUR k EUR k Cash flows from operating activities Loss before income tax -21,348 -1,454 -1,197 Adjustments to reconcile loss before tax to net cash flows Non-cash Deprec. and impairm. of property, plant, equipment and intangible assets 6,444 21,627 Loss on disposals of property, plant and -101 87 251 equipment Interest income -561 -3,436 Interest expense 21,298 22,189 Movement in provisions, pensions and -227 -4,508 -5,489 similar obligations Working capital adjustments Increase (-)/decrease (+) of trade 4,352 1,821 2,512 receivables Increase (-)/decrease (+) of inventories 375 477 -1,097 Increase (-)/decrease (+) of other -4,224 350 211 receivables Increase (+)/decrease (-) of trade payables and other payables -3,513 -4,198 Realisation of Badwill -8,980 0 Income tax paid -192 -173 -199 Cash flows from operating activities 687 -469 31,174 Cash flows from investing activities Proceeds from disposals of property, plant and equipment 5,928 11 36 Purchase of property, plant and equipment -10,846 -7,253 -23,079 Purchase of intangible assets -96 -1,654 -645 Acquisition of subsidiaries, net of cash acquired -27,949 -23,357 -94,293 Disbursements of loans 0 0 Interest received 561 3,515 Cash flows from investing activities -32,402 -32,253 -114,466 Cash flows from financing activities Proceeds from the issue of shares 0 0 Proceeds from the issue of preference shares 50,000 48,200 Repayments of loans and other short or long-term borrowings -5,553 -43,875 -17,521 Payment of finance lease liabilities 0 -650 Interest and transaction costs paid -10,489 -4,151 -25,126 Cash flows from financing activities 33,958 -48,026 4,903 Net (decrease)/increase in cash and cash equivalents 2,243 -80,748 -78,389 Net foreign exchange difference 12 -14 Cash and cash equivalents at 1 January 22,455 100,858 100,858 Cash and cash equivalents at June 30 24,710 20,110 22,455 This information is provided by RNS The company news service from the London Stock Exchange END IR LFMRTMMJTMPP
1 Year Ifr Capital Chart |
1 Month Ifr Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions