• Consolidated sales for H1 reached €807.4m, compared to €900.7m in H1 2010
• Gross profit for H1 amounted to €108.8m, compared to €131.7m in H1 2010
• At company level, the profit after tax for the first half amounted to €1.0m
• At group level, the consolidated loss after tax and minorities for the first half from continuing and discontinued operations amounted to €108.8m, compared to a comparable loss of €254.6m the year before (excluding impairments taken in 2010)
• Despite the unprecedented Greek crisis – GDP down 6.9% in Q2 2011 (-4.5% expected for FY 2011), MIG's companies have managed to maintain their leading market shares during the first half of the year, and are further improving their competitive operational positioning
• MIG’s Net Asset Value stands at €2.0bn, or €2.63 per share; current cash at company level amounts to €429.9m
• As the first half has come to an end amidst significant turmoil in the country, MIG’s companies are now solidly positioned to take advantage of the uplift in performance generally experienced during the third quarter
• The reduction of losses during the first half of the year, along with further developments in the Greek situation, creates optimism for improved operations and results

ATHENS – Marfin Investment Group (MIG) announced today its First Half 2011 results.  The group reported results with consolidated sales for the quarter of €807.4m and a consolidated loss after tax and minority interest of €108.8m.  At company level, profits amounted to €1.0m for the first half.  The net asset value (NAV) of the group currently stands at €2.0bn, representing a NAV of €2.63 per share.  Historically, the first half represents the slower months of the year, as many of MIG’s companies experience most of their activity in the second half of the year, beginning with the summer months. 

In particular, this semester has been particularly affected by the uncertainty brought about by the Greek crisis.  Despite operating in a contracting market, MIG’s companies have been able to strengthen and in many cases grow their positions and market shares as leaders in their respective sectors, all while introducing new, innovative products. 

Commenting on the H1 results, Dennis Malamatinas, Marfin Investment Group’s Chief Executive Officer stated: “The first half of the year has included some of the most uncertain and trying times in Greece’s history – an uncertain outlook as to the political future of the country, as well as its effect on the economy.  During these times, MIG's companies have been able to maintain their leading market positions and although we anticipate a difficult second half due to the fragility of the consumer spending power, we remain confident that our companies will continue outperforming the competition.

We continue to stay focused on executing the respective strategies of the group's companies and on always staying ahead of the curve during this countrywide slump.  Cost containment remains a major priority across the board, as does streamlining our businesses by emphasising their core product lines and driving innovation.

Many of the initiatives undertaken during the first semester are already showing promise; our restructuring of the business at Olympic has already resulted in higher load factors and more efficient flight planning, while the new management team has already significantly reduced the cost base. Hygeia, our healthcare group, is already benefitting from the disposal of its Turkish business, as it is now able to focus its efforts on its more profitable businesses, such as its domestic healthcare operations and the new hospital in Albania.  Our leisure businesses such as Sunce Bluesun are showing healthier occupancy rates than before, highlighting the unique offerings that they represent. 

As we have entered the second half of the year, we stand by our belief that we represent the strongest, highest quality companies and brands in their respective sectors in Greece and the region, and we continue to offer our customers and shareholders the best performance under the circumstances. The reduction of losses during the first half of the year, along with further developments in the Greek situation, creates optimism for improved operations and results in the future.  And last but not least, the strong cash position of the group remains our bedrock.”

Contacts:

Investor Relations: +30 210 350 4000, +44 207 054 9280

About MIG:  Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and throughout Southeastern Europe.  The Company believes it is uniquely positioned to take advantage of an expanding array of investment opportunities in this region; opportunities in which traditional investment vehicles lacking MIG’s regional focus, scale, expertise, and/or its investment flexibility and financial resources, may find difficult to identify and exploit.  MIG is quoted on the Athens stock exchange and has a portfolio of leading companies in sectors across the SEE region, grouped into Food & Beverages, Healthcare, IT & Telecoms, Transportation & Shipping, Real Estate, Tourism & Leisure, Environmental, and Financial Institutions sectors.  Included amongst its portfolio and subsidiary companies is Vivartia, a leading food and food retail business in the region; Attica Group, a leading passenger ferry operator; Olympic Air, Greece’s national flag carrier; the Hygeia Group of hospitals, a leading private hospital group in Greece, Cyprus and Albania; Marfin Popular Bank; SingularLogic, the leading IT operator in Greece; and Robne Kuce Beograd, the largest chain of department stores in Serbia.  The company has been listed on the Athens Stock Exchange since July 2007.