MIG HOLDINGS S.A.
Nine-month 2008 results
Group net profit from recurring operations reached euro 190.1 million, 50% higher year-on-year
Marfin Investment Group (MIG) announced today its financial results for the first nine months of 2008. The Group delivered sound profitability, during the period under consideration, with net profit from recurring operations after tax and minority interest reaching euro 190.1 million compared with euro 127.3 million a year earlier, registering a 50% annual increase.
EBIΤDA reached euro 298.7 million versus euro 187.5 million (on a pro-forma basis) in the nine-month 2007 period, up 59.3%. Shareholders funds amounted to euro 4.8 billion, while liquidity reached euro 1.578 billion, representing 20% of total assets. Despite the extraordinary market conditions, net asset value stood at euro 5.79 per share at 30 September 2008. Taking into consideration the euro 0.38 per share capital return distributed to shareholders in 2008, net asset value per share reaches euro 6.17 compared with euro 6.21 at 30 June 2008. MIG's results were achieved during an exceptionally difficult and challenging economic environment, which is still observed in the global financial and capital markets, as well as the overall economy.
Commenting on the results, Mr. Andreas Vgenopoulos, Marfin Investment Group's Executive Vice Chairman stated:
"The dramatic sequence of events in the financial markets led to the realignment of our market strategy and focus on bolt-on acquisitions in resilient companies, disciplined partial divestments and implementation of optimization measures to preserve or improve our margins and profitability. In hindsight, it is clear that the revision of our strategy, as early as in October 2007, was in fact the right one and has enabled us to enjoy a sound financial structure with high level of liquidity which is expected to be further enhanced through certain initiatives we are currently pursuing.
The current environment gives rise to attractive investment opportunities which we are prepared to exploit. In today's market, availability of and access to capital is considered of paramount importance for business success and seizing of opportunities. We feel that the proposed share capital increase is a significant strategic initiative in this direction.
The financial flexibility of MIG coupled with its readiness to take advantage of the various challenges that arise from the market conditions enable us to reiterate our positive stance for full-year 2008".
Marfin Investment Group (MIG) announced today its financial results for the first nine months of 2008. The Group delivered sound profitability, during the period under consideration, with net profit from recurring operations after tax and minority interest reaching euro 190.1 million compared with euro 127.3 million a year earlier, registering a 50% annual increase.
EBIΤDA reached euro 298.7 million versus euro 187.5 million (on a pro-forma basis) in the nine-month 2007 period, up 59.3%. Shareholders funds amounted to euro 4.8 billion, while liquidity reached euro 1.578 billion, representing 20% of total assets. Despite the extraordinary market conditions, net asset value stood at euro 5.79 per share at 30 September 2008. Taking into consideration the euro 0.38 per share capital return distributed to shareholders in 2008, net asset value per share reaches euro 6.17 compared with euro 6.21 at 30 June 2008. MIG's results were achieved during an exceptionally difficult and challenging economic environment, which is still observed in the global financial and capital markets, as well as the overall economy.
Commenting on the results, Mr. Andreas Vgenopoulos, Marfin Investment Group's Executive Vice Chairman stated:
"The dramatic sequence of events in the financial markets led to the realignment of our market strategy and focus on bolt-on acquisitions in resilient companies, disciplined partial divestments and implementation of optimization measures to preserve or improve our margins and profitability. In hindsight, it is clear that the revision of our strategy, as early as in October 2007, was in fact the right one and has enabled us to enjoy a sound financial structure with high level of liquidity which is expected to be further enhanced through certain initiatives we are currently pursuing.
The current environment gives rise to attractive investment opportunities which we are prepared to exploit. In today's market, availability of and access to capital is considered of paramount importance for business success and seizing of opportunities. We feel that the proposed share capital increase is a significant strategic initiative in this direction.
The financial flexibility of MIG coupled with its readiness to take advantage of the various challenges that arise from the market conditions enable us to reiterate our positive stance for full-year 2008".