TIDMIFR
RNS Number : 5497Y
IFR Capital PLC
07 September 2009
IFR Capital Plc
Interim Results for the Period ended 30 June 2009
IFR Capital Plc ("IFR Capital" or the "Company"), the investment company focused
on consolidation opportunities in the European food retail sector, today
announces its interim results for the six months ended 30 June 2009.
Highlights
* Strong increase in EBITDA of 19.4% from EUR15.5m (2008) to EUR18.5m (2009).
* Lower sales volume from termination of unprofitable Hamker contracts, resulting
in significant gross margin improvement
* Significant efficiency improvements from integration of Hamker into Homann
* Acquisition of the food dressings production line from Walter Rau
* Disposal of low margin Hamker margarine business
* Internationalisation of the Nordsee franchise is on track - 7 store openings
during 2009.
* Improvement of capital structure by partial switch of preference shares into
ordinary shares.
* No agreement with ACP regarding sale of its investment in IFR Capital
Operational and Financial Review
The reporting period include full 6 month contributions from Nordsee GmbH
("Nordsee"), Homann Chilled Food GmbH ("Homann"), Hamker Lebensmittel
Beteiligungs GmbH & Co. KG ("Hamker") and Bastian's GmbH ("Bastian's").
The Company's revenues for the six months ended 30 June 2009 were EUR363.0 million
(2008: EUR374.0 million), while EBITDA before exceptional items amounted to EUR18.5
million (2008: EUR15.5 million). Both reported sales and EBITDA are in line with
the Board's expectations and have remained so for the period since 30 June 2009.
The equity to total asset ratio at the end of the period was 23.0%. IFR Capital
currently has EUR162 million of interest bearing debt and EUR114 million of
preferred equity in issue (including accrued interest).
The Nordsee division in Germany and Austria generated an EBITDA of EUR4.9 million.
Sales increased by 0.8% on a like for like basis. The Directors believe that
Nordsee is well positioned and growing faster than the wider German gastronomy
market. Nordsee is expanding its international business to the Middle East and
to Southern and Eastern Europe with further openings planned in Bratislava,
Palma de Mallorca, Bucharest, Istanbul, Riga, Sofia and Athens. It is the
intention to enter the Scandinavian and Polish markets in the near term.
The Homann / Hamker division generated EUR211 million of sales for the period and
almost doubled its EBITDA from EUR 6.8 million to EUR 13.4 million. An overall
decline in net sales of EUR 5.5 million (of which EUR 3.9 million can be attributed
to a reclassification of listing fees) was deliberately enforced in the private
label and hard discount channel as Homann renegotiated its sales prices
favouring increased margins over volume. Supported by decreased raw material
costs, these measures resulted in a significant improvement in gross profit
margins throughout all sales channels. The integration projects lead to savings
in direct costs, especially variable labour resulting from the closure of the
Lintorf salad factory (Hamker). Compared to previous year efficiency
improvements stabilised the co-packing production for Kraft and Unilever.
Overhead cost decreased from the integration of the sales force and several
administrative functions.
Bastian's, the premium bakery concept, continued to generate strong growth of
13% on like for like sales. The new store in Cologne has proven a success and
further locations are being investigated for future development and growth.
The High Court proceedings between IFR Capital and ACP Capital plc ("ACP")
relating to the claim by ACP for an increase of the margin on a part of the
Company's debt are currently stayed. IFR Capital has in the meantime started
legal proceedings in the Royal Court of Jersey against ACP for breach of
contractual and fiduciary obligations. IFR Capital is seeking damages in the
amount of at least EUR 28.4 million as of the end of May 2009, continuing to
accrue at a rate of approximately EUR 50,000 per day.
Share Exchange
As announced on 18 March 2009, with effect of 17 March 2009, Theo Müller, the
sole holder of the Class B Preference Shares and a substantial shareholder in
IFR Capital, has restructured his investments in the IFR group and converted a
part of his Class B Preference Shares in IFR Jersey Limited into 200,000,000 new
ordinary shares in IFR Capital and Heiner Kamps, CEO of the Company, has
increased his shareholding in the Company significantly. As a result of this
transaction, the preference share capital held by shareholders outside the group
has been reduced considerably. As explained at the time of the share exchange
the Directors believe that the share exchange is in the best interests of IFR
Capital and its shareholders and has reduced the financial burden from the
preferential dividend without any cash outflow.
However, the Company strongly believes that the capital structure needs to be
further improved. Given the terms of the preferred equity, it is essential that
the preferred equity is wholly refinanced, either by way of redemption or
conversion into ordinary equity on acceptable terms to the Board. Theo Müller,
one of the owners of the preferred equity, is still strongly supportive of
further converting the preferred equity into ordinary equity. However, ACP, the
other external owner of the preferred equity, does not wish to convert its
preferred equity into ordinary equity but rather wants to sell its whole
investment in IFR Capital. Given the shareholder structure of the Company, only
investors in line with the intentions of Heiner Kamps and Theo Müller are
willing to purchase the investment of ACP in IFR Capital. Whilst in the
Directors' opinion, ACP has received a fair cash offer for its investment in IFR
Capital no agreement to date has been reached.
For further information please contact:
IFR Capital PLC
Michael Ioannou +357 (0) 22 318734
Charles Stanley Securities - NOMAD and broker
Rick Thompson / Philip Davies / Ben Johnston+44 (0) 20 7149 6000
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
| IFR Capital PLC | | | | | | |
| Consolidated Income Statement | | | | | | |
| for the period ended 30 June 2009 | | | | | | |
+ +---+-----------------+------+-----------------+------+----------------+
| | | | | | | |
+ +----------------------+-----------------+---+-----------------+------+-----------------+
| | | | | | | |
+----------------------------------------+----------------------+-----------------+---+-----------------+------+-----------------+
| | | | | | | | |
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
| | | | Six month | | Six month | | 12 months to |
| | | | period to | | period to | | 31 December |
| | | | 30 June 2009 | | 30 June 2008 | | 2008 |
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
| | | | EUR'000s | | EUR'000s | | EUR'000s |
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
| | | | | | | | |
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
| | | | | | | | |
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
| Revenue | | 362,992 | | 374,012 | | 758,546 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Changes in inventories | | (6,165) | | 1,238 | | 423 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Other operating income | | 7,128 | | 16,199 | | 29,095 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Cost of materials | | (198,369) | | (222,507) | | (430,348) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Personnel expenses | | (85,668) | | (79,797) | | (182,245) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Other operating expenses | | (61,401) | | (73,641) | | (117,800) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| EBITDA | | 18,517 | | 15,504 | | 57,671 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Depreciation and amortization | | (14,024) | | (14,015) | | (28,729) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| EBIT | | 4,493 | | 1,489 | | 28,942 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Exceptional items: | | | | | | |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| - Integration costs | | (1,022) | | (2,100) | | (17,600) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Impairment losses | | - | | - | | (42,164) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Profit / (loss) from operations | | 3,471 | | (611) | | (30,822) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Finance income | | 15 | | 561 | | 899 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Finance costs | | (21,830) | | (21,298) | | (46,659) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Loss before income taxes | | (18,344) | | (21,348) | | (76,582) |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Income tax credit / (expense) | | (1,384) | | 2,705 | | 4,414 |
+----------------------------------------+---+-----------------+------+-----------------+------+----------------+
| Profit / (loss) for the period | | (19,728) | | (18,643) | | (72,168) |
+----------------------+-----------------+---+-----------------+------+-----------------+------+----------------+
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| IFR Capital PLC | | | | |
| Consolidated Balance Sheet as of 30 June 2009 | | | | |
+ +--+-----------------+--+-----------------+
| | | | | |
+-----------------------------------------------------------------------+--+-----------------+--+--------------------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | 30 June 2009 | | 30 June 2008 | | 31 December |
| | | | | | | | | | 2008 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | EUR'000s | | EUR'000s | | EUR'000s |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| ASSETS | | | | | | |
+--------------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | Non-current assets | | | | | | |
+--+-----------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Property, plant and | | 129,052 | | 128,491 | | 130,390 |
| | | equipment | | | | | | |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Intangible assets | | 445,751 | | 493,630 | | 449,164 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other financial assets | | 432 | | 432 | | 432 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other assets | | 2,146 | | 2,605 | | 2,324 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | 577,381 | | 625,158 | | 582,310 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | Current assets | | | | | | |
+--+-----------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Inventories | | 31,346 | | 32,300 | | 31,253 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Trade receivables | | 16,957 | | 19,859 | | 18,152 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other financial assets | | 15,966 | | 13,517 | | 29,230 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other assets | | 5,926 | | 12,078 | | 4,579 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Cash and cash equivalents | | 21,164 | | 24,710 | | 21,182 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | 91,359 | | 102,464 | | 104,396 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| TOTAL ASSETS | | 668,740 | | 727,622 | | 686,706 |
+--------------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| EQUITY AND LIABILITIES | | | | | | |
+--------------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | Equity | | | | | | |
+--+-----------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Issued capital | | 4,228 | | 2,228 | | 2,228 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Share premium | | 227,229 | | 213,229 | | 213,229 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other reserves | | 208 | | (2) | | 95 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Retained earnings / | | (73,598) | | (1,882) | | (53,566) |
| | | (losses) | | | | | | |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | 158,067 | | 213,573 | | 161,986 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | Non-current liabilities | | | | | | |
+--+-----------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Interest-bearing loans and | | 156,660 | | 162,507 | | 157,683 |
| | | borrowings | | | | | | |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Pension provisions and | | 58,156 | | 60,566 | | 57,652 |
| | | similar obligations | | | | | | |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other provisions | | 11,757 | | 10,291 | | 12,335 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other financial liabilities | | 119,465 | | 98,642 | | 122,729 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Deferred tax liabilities | | 59,560 | | 60,708 | | 59,005 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | 405,598 | | 392,714 | | 409,404 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | | | | | |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | Current liabilities | | | | | | |
+--+-----------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Interest-bearing loans and | | 4,304 | | 8,867 | | 6,819 |
| | | borrowings | | | | | | |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other provisions | | 16,156 | | 29,626 | | 19,644 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Trade payables | | 49,397 | | 50,589 | | 58,898 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other financial liabilities | | 2,888 | | 10,130 | | 1,828 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Other liabilities | | 30,491 | | 21,607 | | 26,933 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | Income tax liabilities | | 1,839 | | 516 | | 1,194 |
+--+-----------------+-----------------------------+--+-----------------+--+-----------------+--+-----------------+
| | | | | | 105,075 | | 121,335 | | 115,316 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
| | Total liabilities | | 510,673 | | 514,049 | | 524,720 |
+--+-----------------------------------------------+--+-----------------+--+-----------------+--+-----------------+
| TOTAL EQUITY AND LIABILITIES | | 668,740 | | 727,622 | | 686,706 |
+--+-----------------+--+--------------------------+--+-----------------+--+-----------------+--+-----------------+
+------------+----------+-------------------------------+-------------+------------+--------------+--------------+-------------+
| IFR Capital PLC | | | | |
| Consolidated Statement of Changes in Equity | | | | |
| for the period ended 30 June 2009 | | | | |
+ +------------+--------------+--------------+-------------+
| | | | | |
+ +------------+----------+-------------------------------+-------------+
| | | | | |
+---------------------------------------------------------------------+------------+----------+-------------------------------+-------------+
| | | | | | | Retained | |
+------------+----------+-------------------------------+-------------+------------+--------------+--------------+-------------+
| | | | Issued | Share | Other | earnings/ | Total |
| | | | | premium | | | |
+------------+----------+-------------------------------+-------------+ +--------------+--------------+-------------+
| | | | capital | | reserves | (losses) | equity |
+------------+----------+-------------------------------+-------------+------------+------------+--------------+--------------+
| | | | EUR'000s | EUR'000s | EUR'000s | EUR'000s | EUR'000s |
+------------+----------+-------------------------------+-------------+------------+--------------+--------------+-------------+
| | | | | | | | |
+------------+----------+-------------------------------+-------------+------------+--------------+--------------+-------------+
| As of 1 January 2009 | 2,228 | 213,229 | 95 | (53,566) | 161,986 |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Issue of share capital | 2,000 | 14,000 | 0 | 0 | 16,000 |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Foreign currency translation | 0 | 0 | (44) | 0 | (44) |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Cashflow hedges | 0 | 0 | 0 | (147) | (147) |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Actuarial gains | 0 | 0 | 0 | 0 | 0 |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Net income and expense recognized | | | | | |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| directly in equity | 0 | 0 | (44) | (147) | (191) |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Consolidated profit for the period | 0 | 0 | 0 | (19,728) | (19,728) |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| Total recognized income and expense for the period | 0 | 0 | (44) | (19,875) | (19,919) |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| As of 30 June 2009 | 4,228 | 227,229 | 51 | (73,441) | 158,067 |
+-------------------------------------------------------+-------------+------------+--------------+--------------+-------------+
| | | | | | | | |
+------------+----------+-------------------------------+-------------+------------+--------------+--------------+-------------+
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| IFR Capital PLC | | | | |
| Consolidated Cash Flow Statement | | | | |
| for the period to 30 June 2009 | | | | |
+ +--+------------------+---+-----------------+
| | | | | |
+ +--+------------------+----------------------------+-----------------+
| | | | | |
+---------------------------------------------------------------------------------------+--+------------------+----------------------------+-----------------+
| | | | | Six month | | Six month | | 12 months to 31 |
| | | | | period to | | period to | | December 2008 |
| | | | | 30 June 2009 | | 30 June 2008 | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | | | EUR'000s | | EUR'000s | | EUR'000s |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | | | | | | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash flows from operating activities | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Loss before income tax | | (18,344) | | (21,348) | | (76,582) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Adjustments to reconcile loss before tax to net | | | | | | |
| cash flows | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Non-cash | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Depreciation and impairment of property, | | 14,024 | | 14,015 | | 70,893 |
| | plant and equipment and intangible assets | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Gain on disposals of property, plant and | | (22) | | (101) | | (100) |
| | equipment | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Interest income | | (15) | | (561) | | (899) |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Interest expense | | 21,830 | | 21,298 | | 46,659 |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Movement in provisions, pensions and similar | | (5,289) | | (227) | | (12,380) |
| | obligations | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Excess of acquirer's interest in the net fair | | | | | | |
| | value of acquiree's identifiable assets, | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | liabilities and contingent | | | | (8,980) | | (8,980) |
| | | liabilities over cost | | | | | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Working capital adjustments | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Increase (-)/decrease (+) of trade | | 1,195 | | 4,352 | | 21,003 |
| | receivables | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Increase (-)/decrease (+) of inventories | | (93) | | 375 | | 1,422 |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Increase (-)/decrease (+) of other | | 10,864 | | (4,224) | | (13,295) |
| | receivables | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | Increase (+)/decrease (-) of trade payables | | (5,943) | | (3,720) | | 12,581 |
| | and other payables | | | | | | |
+--+-----------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | | | | | | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Income tax paid | | (120) | | (192) | | (224) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash flows from operating activities | | 18,087 | | 687 | | 40,098 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | | | | | | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash flows from investing activities | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Proceeds from disposals of property, plant and | | 704 | | 5,928 | | 5,535 |
| equipment | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Purchase of property, plant and equipment | | (9,597) | | (10,846) | | (20,840) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Purchase of intangible assets | | (394) | | (96) | | (980) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Acquisition of subsidiaries, net of cash | | | | (27,949) | | (27,949) |
| acquired | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Interest received | | (13) | | 561 | | 863 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash flows from investing activities | | (9,274) | | (32,402) | | (43,371) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | | | | | | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash flows from financing activities | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Proceeds from the issue of shares | | 16,000 | | 0 | | 0 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Proceeds from the issue of preference shares | | | | 50,000 | | 50,000 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Repurchase of preference shares | | (16,000) | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Repayments of loans and other short or long-term | | (1,985) | | (5,553) | | (29,607) |
| borrowings | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Payment of finance lease liabilities | | (792) | | 0 | | (1,125) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Interest and transaction costs paid | | (6,010) | | (10,489) | | (17,377) |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash flows from financing activities | | (8,787) | | 33,958 | | 1,891 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| | | | | | | | | |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Net (decrease)/increase in cash and cash | | 26 | | 2,243 | | (1,382) |
| equivalents | | | | | | |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Net foreign exchange difference | | (44) | | 12 | | 109 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash and cash equivalents at 1 January | | 21,182 | | 22,455 | | 22,455 |
+--------------------------------------------------+-----------------+------------------+--+------------------+---+-----------------+
| Cash and cash equivalents at end of period | | 21,164 | | 24,710 | | 21,182 |
+--+------------------+----------------------------+-----------------+------------------+--+------------------+---+-----------------+
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
| IFR Capital PLC | | | | |
| Statement of Recognised Income and Expenses | | | | |
| for the period ended 30 June 2009 | | | | |
+ +-----------------+-----------------+---+-----------------+
| | | | | |
+ +--+--------------------------------+------------------+-----------------+
| | | | | |
+------------------------------------------------------+--+--------------------------------+------------------+-----------------+
| | | Six month | | Six month | | 12 months to 31 |
| | | period to | | period to | | December 2008 |
| | | 30 June 2009 | | 30 June 2008 | | |
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
| | | EUR'000s | | EUR'000s | | EUR'000s |
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
| | | | | | | |
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
| Actuarial gains from Pensions | 0 | | 0 | | 2,219 |
| and similar obligations | | | | | |
+-----------------------------------+------------------+-----------------+-----------------+---+-----------------+
| Cashflow hedges | (147) | | 0 | | (378) |
+-----------------------------------+------------------+-----------------+-----------------+---+-----------------+
| | | | | | | |
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
| Foreign currency translation | (44) | | 12 | | 109 |
+-----------------------------------+------------------+-----------------+-----------------+---+-----------------+
| Net income recognized directly in | (191) | | 12 | | 1,950 |
| Equity | | | | | |
+-----------------------------------+------------------+-----------------+-----------------+---+-----------------+
| | | | | | | |
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
| Consolidated Profit for the | (19,728) | | (18,643) | | (72,168) |
| period | | | | | |
+-----------------------------------+------------------+-----------------+-----------------+---+-----------------+
| Total recognized income and | (19,919) | | (18,631) | | (70,218) |
| expense for the period | | | | | |
+--+--------------------------------+------------------+-----------------+-----------------+---+-----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIMLTMMAMMPL
Ifr Capital (LSE:IFR)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Ifr Capital (LSE:IFR)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
