1st Quarter Results

 

TIDMIRF 
 
RNS Number : 7861V 
IRF European Fin Investments Ltd 
16 July 2009 
 

+------------------------------------------+------------------------------------------+ 
| Press Release                            |                             16 July 2009 | 
+------------------------------------------+------------------------------------------+ 
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IRF European Finance Investments Ltd 
('IRF' or the 'Company') 
 
 
First Quarter 2009 Results 
 
 
IRF European Finance Investments Ltd announces its audited financial results for 
the three months ended 31 March 2009. 
 
 
Financial Highlights: 
 
 
+---------------------------------+------------------+-------------------+ 
| Amounts in EUR 000                |  Three months    |   Three months    | 
|                                 |  ended 31 March  |  ended 31 March   | 
|                                 |      2009        |       2008        | 
+---------------------------------+------------------+-------------------+ 
| Income Statement items          |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Total Operating Income          |      6,698       |      2,926        | 
+---------------------------------+------------------+-------------------+ 
| (Loss)/Profit after tax from    |    (13,806)      |      (8,323)      | 
| continuing operations           |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Net (Loss)/Profit from          |        -         |      5,287        | 
| discontinued operations         |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| (Loss)/Profit after Tax         |    (13,806)      |      (3,036)      | 
+---------------------------------+------------------+-------------------+ 
| Attributable to equity holders  |    (13,806)      |      (7,029)      | 
| of IRF                          |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Minority Interests              |        -         |      3,992        | 
+---------------------------------+------------------+-------------------+ 
| Basic earnings (loss) per share |      (0.11)      |      (0.06)       | 
| (in euro/share)                 |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Diluted earnings per share (in  |      (0.11)      |      (0.06)       | 
| euro/share)                     |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Basic earnings (loss) per share |      (0.11)      |      (0.07)       | 
| (in euro/share) from continuing |                  |                   | 
| operations                      |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Diluted earnings per share (in  |      (0.11)      |      (0.07)       | 
| euro/share) from continuing     |                  |                   | 
| operations                      |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Balance Sheet Items             |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Cash and cash equivalents       |     148,505      |      148,610      | 
+---------------------------------+------------------+-------------------+ 
| Total assets                    |     389,533      |      403,689      | 
+---------------------------------+------------------+-------------------+ 
| Total liabilities               |     199,798      |      200,148      | 
+---------------------------------+------------------+-------------------+ 
| Total Equity                    |     189,735      |      203,541      | 
+---------------------------------+------------------+-------------------+ 
| Equity attributable to equity   |     189,735      |      203,541      | 
| holders of the Company          |                  |                   | 
+---------------------------------+------------------+-------------------+ 
| Minority Interests              |        -         |        -          | 
+---------------------------------+------------------+-------------------+ 
 
 
 
 
 
 
 
In previous periods IRF prepared its consolidated financial statements based on 
the format of "order of liquidity" due to the nature of the operations of the 
consolidated group of Proton Bank. The format of "order of liquidity" is used as 
best practice by all financial institutions. Following the disposal by IRF of 
its entire holding in Proton Bank it has decided, according to the requirements 
of IAS 1, to adopt the presentation of "current and non-current assets", and 
"current and non-current liabilities", as separate classifications in its 
statement of financial position going forward, as most funds and investing 
entities implement in their financial statements. 
 
 
Net Asset Value 
 
 
IRF determined that its shares had a net asset value ('NAV') of $2.01 per share 
as at 31 March 2009. The equity holdings portfolio of IRF is marked to market on 
the balance sheet as at 31 March 2009. As of this date, the total assets of the 
Company, including the cash balance of EUR148.5 million, was EUR389.5 million. The 
total liabilities were EUR199.8 million. Consequently, the equity value was EUR189.7 
million. The Euro/$ exchange rate of $1.3250 on 31 March 2009 was used to 
compute the NAV. As of 31 March 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: [phone] 
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. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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