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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Irf European Finance Investments Ltd | LSE:IRF | London | Ordinary Share | BMG493831058 | COM SHS USD0.0015 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0018 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4024J IRF European Fin Investments Ltd 07 December 2007 IRF European Finance Investments Limited ('IRF') * Consolidated Net Income increases to Euro177.1 million for nine month period ended 30 September 2007 * Net asset value per share of $5.49 as of 30 September 2007 IRF European Finance Investments Limited (AIM: IRF) announces financial results for the nine month period ended 30 September 2007. Angeliki Frangou, chairman of IRF European Finance Investments Limited ("IRF" or the "Company") stated, "We are pleased with our accomplishments during the first nine months of 2007, as during this period, we: * Completed two warrant programs, reducing warrants outstanding by 85% and raising $292.8 million. * Purchased 41.4 million shares in Marfin Popular Bank ("Marfin"). These shares were subsequently sold for a Euro66.9 million profit. ($91.0 million, using an exchange rate of Euro1.36:$1.00). * IRF purchased 261,891 additional shares in Proton Bank ("Proton") which increased our stake in Proton to 20.60% * Received dividends from Proton in the amount of Euro3.5 million ($4.76 million) * Received dividends from Marfin in the amount of Euro12.8 million ($17.4 million) * Paid $14.8 million ($0.26 per share) in dividend payments on 18 April 2007 to our shareholders of record as of 23 March 2007 * Returned capital to the shareholders by repurchasing 3.5 million of our outstanding shares in the open market for $15.6 million." Ms. Frangou continued "although we have actively pursued investment opportunities, prudence dictated that we preserve our capital and flexibility in light of relatively expensive assets. Our patience has been warranted given the global financial market dislocation, resulting from stress in asset-backed securities. This dislocation is having an adverse impact on the credit markets, and we are witnessing a repricing of risk generally, with a significant impact on the financial services sector in particular. These market dynamics may give rise to new investment opportunities, and we are monitoring events closely." Net Asset Value As of the business close on 30 September 2007, IRF determined that its shares had a Net Asset Value ("NAV") of $5.49 per share. On 30 September 2007, IRF owned a 20.60% interest in Proton whose shares trade on the Athens Stock Exchange. The market value of these holdings, based on closing share prices on 28 September 2007, was approximately Euro134.3 million. IRF Common shares outstanding as at 30 September 2007 equalled approximately 125.8 million shares. The Company intends to periodically determine and publish NAV. Financials Below are the financial highlights of IRF and its subsidiaries (together "the Group"). IRF owns a 20.60% interest in Proton and has appointed 6 members of the 11 member board. As a result it is considered to have "de facto" control of Proton's financial and operating activities and its financials are fully consolidated into the Group's accounts. In general, because of the merger activity in 2006, items in the condensed income statement and cash flow statement of this period are not comparable with the respective items of the prior period. Financial Highlights Nine month period ended Amounts in Euro 000 Note 30 September 2007 30 September 2006 Income Statement Items Net Income 177,060 19,452 Profit before income tax 100,604 15,886 Income tax expense 5,443 1,534 Profit after tax 95,161 14,351 Attributable to equity holders 73,199 9,941 of IRF Minority Interests 21,962 4,410 Basic earnings per share (in 0.70 0.17 euro/share) Diluted earnings per share (in 0.66 0.16 euro/share) Balance Sheet Items 30 September 2007 31 December 2006 Cash and Cash Equivalents 566,044 203,917 Total assets 2,770,958 1,746,424 Total liabilities 1,963,451 1,200,714 Total Equity 807,507 545,710 Equity attributable to equity 503,645 238,397 holders of IRF Minority Interests 303,862 307,313 For further information: IRF European Finance Investments Ltd Angeliki Frangou, Chairperson Tel: +30 (0) 210 4280560 Numis Securities Limited Jagjit Mundi Tel: +44 20 7260 1000 James Black 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 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 (25) branches in Greece 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. This information is provided by RNS The company news service from the London Stock Exchange END QRTEAPAKEFSXFFE
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