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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 : 4482K IRF European Fin Investments Ltd 19 December 2008 Press Release 19 December 2008 IRF European Finance Investments Ltd ("IRF" or the "Company") Nine Months 2008 Results IRF European Finance Investments Ltd (AIM: IRF) announces its audited financial results for the nine months ended 30 September 2008. Financial Highlights Amounts in EUR 000 Nine months ended 30 Nine months ended 30 September 2008 September 2007 Income Statement items Net Income 11,476 78,057 Profit before income tax 11,058 66,611 Income tax expense - - Profit after tax from 11,058 66,611 continuing operations Net Profit from discontinued (87,139) 28,551 operations Profit after Tax (76,082) 95,161 Attributable to equity holders (34,276) 15,300 of IRF Minority Interests (41,806) - Basic earnings (loss) per (0.27) 0.70 share (in euro/share) Diluted earnings per share (in (0.27) 0.66 euro/share) Basic earnings (loss) per 0.09 0.63 share (in euro/share) from continuing operations Diluted earnings per share (in 0.09 0.60 euro/share) from continuing operations Balance Sheet Items Cash and cash equivalents 169,264 363,894 Total assets 619,312 2,770,958 Total liabilities 210,211 1,963,451 Total Equity 409,101 807,507 Equity attributable to equity 409,101 503,645 holders of the Company Minority Interests - 303,862 Results of the Proton Group for the nine-month period ended 30 September 2008 have been consolidated in the financials as 'discontinued operations' due to the sale of a majority of IRF's stake in Proton Bank, as discussed below. The Proton Group suffered significant losses due to adverse economic conditions and the dislocation in the capital markets, especially as it related to the credit markets. Proton's loss for the period was EUR52.5 million, which has been included in discontinued operations. The losses from discontinued operations also include the loss from the disposal of Proton shares and related impairment losses on goodwill. IRF prepares its financial statements in the format of "order of liquidity" according to IAS 1 due to the nature of its operations. Given the disposal of the share in Proton, IRF will re-examine the format of the presentation of financial statements for the period beginning 1 January 2009, in order to adopt all the new changes and stipulations of the revised IAS 1. Disposal of Proton Shares Given the significant volatility affecting financial institutions, IRF decided to dispose of a majority of its investment in Proton Bank. IRF was able to take advantage of an opportunity to sell these shares at a 10% premium to the then market price. Consequently, on 25 September 2008 IRF sold 10 million shares in Proton Bank for gross sales proceeds of EUR65.0 million, paid in the form of cash. The disposal of these Proton shares resulted in a loss of EUR26.9 million, as presented under results from discontinued operations. As of 30 September 2008 IRF held approximately 2.9 million shares in Proton. Net Asset Value IRF determined that its shares had a net asset value ("NAV") of $4.62 per share as at 30 September 2008. The equity holdings portfolio of IRF is marked to market on the balance sheet as at 30 September 2008. As of this date, the total assets of the Company, including the cash balance of EUR169.3 million, was EUR619.3 million. The total liabilities were EUR210.2 million. Consequently, the equity value was EUR409.1 million. The Euro/$ exchange rate of $1.4092 on 30 September 2008 was used to compute the NAV. As of 30 September 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. 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 Alex, Ham (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. 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 QRTEADAPFFXPFAE
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