Q1 2008 Results

    RNS Number : 2322W
  IRF European Fin Investments Ltd
  09 June 2008
   


    



    IRF European Finance Investments Ltd 

    ("IRF" or the "Company")

    Q1 2008 Results



    IRF European Finance Investments Ltd (AIM: IRF) announces its audited financial results for the 3 months ended 31 March 2008.  

    Below are the financial highlights of the consolidated group, including Proton Bank and its subsidiaries (the "Group") and IRF and its
wholly owned subsidiaries for the three months ended 31 March 2008.

    Financial Highlights

    
 Amounts in EUR 000                                    The Group      IRF
 Income Statement items                                                  
 Net Income                                               13,358  (7,593)
 Profit before income tax                                  (974)  (8,071)
 Income tax expense                                        2,139        -
 Profit after tax                                        (3,036)  (8,071)
 Attributable to equity holders of the Company           (7,029)  (8,071)
 Minority Interests                                        3,992        -
 Basic earnings per share (in euro/share)                 (0.06)   (0.06)
 Diluted earnings per share (in euro/share)               (0.06)   (0.06)
 Balance Sheet Items                                                     
 Cash and cash equivalents                                33,660  463,997
 Total assets                                          2,884,088  658,736
 Total liabilities                                     2,136,529  210,546
 Total Equity                                            747,559  448,191
 Equity attributable to equity holders of the Company    458,266  448,191
 Minority Interests                                      289,293        -


    During the three-month period ended 31 March, 2008, net income of IRF was adversely impacted by approximately EUR10.8 million in losses
attributable to the currency appreciation of the United States Dollar against the Euro.  As IRF has a significant amount of cash and cash
equivalents in United States Dollars, IRF has recorded a loss in translating the cash and cash equivalents from USD to Euros. 

    Net Asset Value

    IRF determined that its shares had a net asset value ("NAV") of $5.21 per share, on 31 March 2008, computed as follows: IRF owned a
20.60% interest in Proton Bank.  The value of this holding, based on the closing share price on the Athens Stock Exchange on 31 March 2008,
was EUR93.0 million. IRF had 124.8 million common shares outstanding. The Euro/$ exchange rate of $1.5812 on 31 March 2008 was used.

    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.

    Recent Acquisitions

    As of 2 June 2008, IRF had acquired approximately 46.7 million shares of Marfin Investment Group ("MIG"), an investment holding company
listed on the Athens Stock Exchange. This represents approximately 6.26% of the issued share capital of MIG.

    For further information:

    IRF European Finance Investments Ltd
    Angeliki Frangou, Chairperson               Tel: [phone]

    Numis Securities Limited
    Jagjit Mundi                                         Tel: [phone]
    Nick Westlake    

    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 and a 6.26%
interest in Marfin Investment Group.

    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 28 branches in Greece and 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.



































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