1st Quarter Results
17 July 2009 - 2:00AM
UK Regulatory
TIDMIRF
RNS Number : 7861V
IRF European Fin Investments Ltd
16 July 2009
+------------------------------------------+------------------------------------------+
| Press Release | 16 July 2009 |
+------------------------------------------+------------------------------------------+
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IRF European Finance Investments Ltd
('IRF' or the 'Company')
First Quarter 2009 Results
IRF European Finance Investments Ltd announces its audited financial results for
the three months ended 31 March 2009.
Financial Highlights:
+---------------------------------+------------------+-------------------+
| Amounts in EUR 000 | Three months | Three months |
| | ended 31 March | ended 31 March |
| | 2009 | 2008 |
+---------------------------------+------------------+-------------------+
| Income Statement items | | |
+---------------------------------+------------------+-------------------+
| Total Operating Income | 6,698 | 2,926 |
+---------------------------------+------------------+-------------------+
| (Loss)/Profit after tax from | (13,806) | (8,323) |
| continuing operations | | |
+---------------------------------+------------------+-------------------+
| Net (Loss)/Profit from | - | 5,287 |
| discontinued operations | | |
+---------------------------------+------------------+-------------------+
| (Loss)/Profit after Tax | (13,806) | (3,036) |
+---------------------------------+------------------+-------------------+
| Attributable to equity holders | (13,806) | (7,029) |
| of IRF | | |
+---------------------------------+------------------+-------------------+
| Minority Interests | - | 3,992 |
+---------------------------------+------------------+-------------------+
| Basic earnings (loss) per share | (0.11) | (0.06) |
| (in euro/share) | | |
+---------------------------------+------------------+-------------------+
| Diluted earnings per share (in | (0.11) | (0.06) |
| euro/share) | | |
+---------------------------------+------------------+-------------------+
| Basic earnings (loss) per share | (0.11) | (0.07) |
| (in euro/share) from continuing | | |
| operations | | |
+---------------------------------+------------------+-------------------+
| Diluted earnings per share (in | (0.11) | (0.07) |
| euro/share) from continuing | | |
| operations | | |
+---------------------------------+------------------+-------------------+
| Balance Sheet Items | | |
+---------------------------------+------------------+-------------------+
| Cash and cash equivalents | 148,505 | 148,610 |
+---------------------------------+------------------+-------------------+
| Total assets | 389,533 | 403,689 |
+---------------------------------+------------------+-------------------+
| Total liabilities | 199,798 | 200,148 |
+---------------------------------+------------------+-------------------+
| Total Equity | 189,735 | 203,541 |
+---------------------------------+------------------+-------------------+
| Equity attributable to equity | 189,735 | 203,541 |
| holders of the Company | | |
+---------------------------------+------------------+-------------------+
| Minority Interests | - | - |
+---------------------------------+------------------+-------------------+
In previous periods IRF prepared its consolidated financial statements based on
the format of "order of liquidity" due to the nature of the operations of the
consolidated group of Proton Bank. The format of "order of liquidity" is used as
best practice by all financial institutions. Following the disposal by IRF of
its entire holding in Proton Bank it has decided, according to the requirements
of IAS 1, to adopt the presentation of "current and non-current assets", and
"current and non-current liabilities", as separate classifications in its
statement of financial position going forward, as most funds and investing
entities implement in their financial statements.
Net Asset Value
IRF determined that its shares had a net asset value ('NAV') of $2.01 per share
as at 31 March 2009. The equity holdings portfolio of IRF is marked to market on
the balance sheet as at 31 March 2009. As of this date, the total assets of the
Company, including the cash balance of EUR148.5 million, was EUR389.5 million. The
total liabilities were EUR199.8 million. Consequently, the equity value was EUR189.7
million. The Euro/$ exchange rate of $1.3250 on 31 March 2009 was used to
compute the NAV. As of 31 March 2009, 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
Sheldon Goldman Tel: +1 212
404 5740
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
END
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