Annual Financial Report (7383F)

TIDMIRF

RNS Number : 7383F

IRF European Fin Investments Ltd

01 May 2011

IRF European Finance Investments Ltd

30 April 2011

IRF European Finance Investments Ltd

('IRF' or the 'Company')

Full Year 2010 Results

IRF European Finance Investments Ltd (SFM: IRF) announces its audited financial results for the fiscal year ended 31 December 2010.

Financial Highlights

 
                                       Fiscal Year ended   Fiscal Year ended 
         Amounts in EUR 000             31 December 2010    31 December 2009 
------------------------------------  ------------------  ------------------ 
 Income Statement items: 
------------------------------------  ------------------  ------------------ 
 (Loss)/ Operating Income                   22,362              44,462 
------------------------------------  ------------------  ------------------ 
 (Loss)/Profit before income tax           (107,353)           (50,994) 
------------------------------------  ------------------  ------------------ 
 Income tax expense                          (74)                (96) 
------------------------------------  ------------------  ------------------ 
 (Loss)/Profit after Tax                   (107,426)           (51,090) 
------------------------------------  ------------------  ------------------ 
 Other Comprehensive income, net 
  of tax                                    (4,966)              4,978 
------------------------------------  ------------------  ------------------ 
 (Loss)/ Total Comprehensive income 
  after tax                                (112,392)           (46,112) 
------------------------------------  ------------------  ------------------ 
 Attributable to equity holders 
  of IRF                                   (112,392)           (46,112) 
------------------------------------  ------------------  ------------------ 
 Minority Interests                            -                   - 
------------------------------------  ------------------  ------------------ 
 Basic earnings (loss) per share 
  (in euro/share)                           (0.86)              (0.41) 
------------------------------------  ------------------  ------------------ 
 Diluted earnings (loss) per share 
  (in euro/share)                           (0.86)              (0.41) 
------------------------------------  ------------------  ------------------ 
 Balance Sheet Items: 
------------------------------------  ------------------  ------------------ 
 Cash and cash equivalents                    653               126,842 
------------------------------------  ------------------  ------------------ 
 Total assets                               168,310             340,504 
------------------------------------  ------------------  ------------------ 
 Total liabilities                          160,623             201,027 
------------------------------------  ------------------  ------------------ 
 Total Equity                                7,687              139,478 
------------------------------------  ------------------  ------------------ 
 Equity attributable to equity 
  holders of IRF                             7,687              139,478 
------------------------------------  ------------------  ------------------ 
 

In December 2010 the Company issued approximately 12.5 million common shares with a value of US$0.95 per share in exchange for approximately 12.2 million common shares in Marfin Investment Group ("MIG"). This transaction increased the Company's investment in MIG at an attractive price while also increasing the equity in IRF.

Following this issue, the company had 137.3 million shares outstanding.

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 MIG.

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.

Information

A copy of our annual financial report can be found on our website (www.irf-finance.com) and copies will be sent to our shareholders shortly.

For further information, please contact:

IRF European Finance Investments Ltd

Angeliki Frangou, Chairperson Tel: [phone]

Sheldon M. Goldman 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. 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

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