3rd Quarter Results (3040Y)

TIDMIRF

RNS Number : 3040Y

IRF European Fin Investments Ltd

20 December 2010

IRF European Finance Investments Ltd

('IRF' or the 'Company')

Nine Months 2010 Results

IRF European Finance Investments Ltd announces its financial results for the nine months ended 30 September 2010.

Financial Highlights

 
                                       Nine months           Nine months 
                                    ended 30 September    ended 30 September 
       Amounts in EUR 000                  2010                  2009 
--------------------------------  --------------------  -------------------- 
 Income Statement Items: 
--------------------------------  --------------------  -------------------- 
 (Loss)/Operating Income                 18,726                35,448 
--------------------------------  --------------------  -------------------- 
 (Loss)/Profit before income 
  tax                                   (97,498)                6,228 
--------------------------------  --------------------  -------------------- 
 Income tax expense                        (4)                    - 
--------------------------------  --------------------  -------------------- 
 (Loss)/Profit after tax                (97,502)                6,228 
--------------------------------  --------------------  -------------------- 
 Other Comprehensive income 
  net of tax                             (4,489)               35,215 
--------------------------------  --------------------  -------------------- 
 (Loss)/Total Comprehensive 
  income after tax                      (101,991)              41,443 
--------------------------------  --------------------  -------------------- 
 Attributable to equity holders 
  of IRF                                (101,991)              41,443 
--------------------------------  --------------------  -------------------- 
 Minority Interests                         -                     - 
--------------------------------  --------------------  -------------------- 
 Basic earnings (loss) per 
  share (in euro/share)                  (0.78)                 0.05 
--------------------------------  --------------------  -------------------- 
                                      30 September           31 December 
 Balance Sheet Items:                      2010                  2009 
--------------------------------  --------------------  -------------------- 
 Cash and cash equivalents                6,797                126,842 
--------------------------------  --------------------  -------------------- 
 Total Assets                            169,204               340,504 
--------------------------------  --------------------  -------------------- 
 Total Liabilities                       160,168               201,027 
--------------------------------  --------------------  -------------------- 
 Total Equity                             9,036                139,478 
--------------------------------  --------------------  -------------------- 
 Equity attributable to equity 
  holders of IRF                          9,036                139,478 
--------------------------------  --------------------  -------------------- 
 Minority Interest                          -                     - 
--------------------------------  --------------------  -------------------- 
 

Return of Capital

On 29 July 2010, the Company received the amount of approximately EUR9 million in the form of a return of capital from its investment in Marfin Investment Group.

Loan Maturity

In the beginning of the second quarter 2010, IRF repaid EUR40 million of its outstanding loan with Investment Bank of Greece. On 20 July 2010 the Company entered into an agreement to refinance the remaining EUR160 million loan for a five year period. The loan refinancing was completed in the third quarter of 2010.

For further information:

IRF European Finance Investments Ltd

Angeliki Frangou, Chairperson Tel: [phone]

Sheldon Goldman, Deputy Chairman Tel: [phone]

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. On 19 January 2009 IRF commenced trading on the SFM (Specialist Fund Market), 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

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