MIG HOLDINGS S.A.
Full Year 2009 Results
Consolidated sales for the year reached €1,859.8m, reflecting a 10.5% increase over the previous year.
Gross profit for the year amounted to €543.6m; excluding the Olympic Air Group the gross profit reached €604.4m, or an increase of 9.1% over the previous year
Excluding the Olympic Air Group and the Greek extraordinary one-off tax for the year, the group recorded a net profit of €7.7m
The net loss for the year amounted to €85.5m; this figure is reduced to a net loss of €71.6m net of the €13.9m extraordinary tax expense for the year. These losses are primarily related to investments in starting-up the operations of the new Olympic Air Group and are therefore largely recoverable, as part of the announced transaction structure.
Given the strong liquidity and balance sheet with Net Asset Value of €3.5bn and further bolstered by the recent convertible bond issue of €251.7m, bringing current liquidity to €641m, the Board will propose at the Annual General Meeting (AGM) a capital return of €0.10 per share. A re-investment program in the form of shares will be presented at the AGM.
Despite one of the most economically challenging years in recent history in Southeastern Europe and in Greece particularly, Marfin Investment Group continues to stand by its focused strategy and adoption of a defensive, disciplined approach towards investing in strong, market-leading, innovative companies
In accordance with the strategy stated at the beginning of the year, MIG has continued to deliver value to its shareholders by optimising efficiencies and capital structure, and consolidating market positions in all of its major subsidiary companies. All of the group's portfolio companies are expected to yield operating profitability from 2011 onwards.
ATHENS - Marfin Investment Group (MIG) announced today its Full Year 2009 results.
The Group reported results for the full year with consolidated sales of €1,859.8m, reflecting a 10.5% increase over the previous year; full year gross profit of €543.6m (gross profit reaching €604.4m excluding the Olympic Air Group); and consolidated net profit for the year of €7.7m excluding the extraordinary tax contribution and the non-recurring losses of Olympic Air Group. With Olympic Air Group included, the group reported a loss for the year of €85.5m. As these losses are primarily related to investments in starting up the operations of the new Olympic Air, due to the structure of the transaction these losses will be fully recoverable for MIG.
NAV stood at €3.5bn at the end of 2009, amounting to €4.55 per share. This represents a decrease of 17% from December 2008, mainly as a result of the mark-to-market revaluation of quoted instruments. This number is supported by relevant business plans reflecting current economic conditions; these business plans are reviewed on a regular basis to reflect changes of the economic environment. A further deterioration of the macro and micro environment particularly in Greece may have some impact in the fair value of the portfolio companies, creating an uncertainty relating to potential losses from asset impairments.
Despite these difficult times globally and in Greece particularly, MIG enjoys a very sound capital structure and strong liquidity. Net cash represented 5% of the NAV, underlining MIG's healthy cash position and MIG?s cash at the parent company level amounted to €486m at the year end, and following the recent completion of the convertible bond loan currently stands at €641m. As such, the company is in a very strong position to face the current economic crisis in 2010 and to seize any opportunities that will arise. Furthermore, this sets MIG apart in a domestic environment in which it is particularly and increasingly difficult to obtain liquidity.
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 private equity funds and 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 mainly defensive sectors across the SEE region, grouped into Food & Dairy, Transportation, Healthcare, Financial Institutions, IT/Telecoms, and Private Equity 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, Turkey, and Albania; Marfin Popular Bank; SingularLogic, the leading IT operator in Greece; and Robne Kuce Beograd, the largest chain of department stores in Serbia. As a truly diversified group, MIG has a global presence ? with over 35% of its sales outside Greece, a presence in 40 countries, and more than 22 business segments overall. MIG employs over 56,000 employees and associates. The company has been listed on the Athens Stock Exchange since July 2007, when it raised €5.2bn in the largest rights issue by an investment company in global history at the time.
Gross profit for the year amounted to €543.6m; excluding the Olympic Air Group the gross profit reached €604.4m, or an increase of 9.1% over the previous year
Excluding the Olympic Air Group and the Greek extraordinary one-off tax for the year, the group recorded a net profit of €7.7m
The net loss for the year amounted to €85.5m; this figure is reduced to a net loss of €71.6m net of the €13.9m extraordinary tax expense for the year. These losses are primarily related to investments in starting-up the operations of the new Olympic Air Group and are therefore largely recoverable, as part of the announced transaction structure.
Given the strong liquidity and balance sheet with Net Asset Value of €3.5bn and further bolstered by the recent convertible bond issue of €251.7m, bringing current liquidity to €641m, the Board will propose at the Annual General Meeting (AGM) a capital return of €0.10 per share. A re-investment program in the form of shares will be presented at the AGM.
Despite one of the most economically challenging years in recent history in Southeastern Europe and in Greece particularly, Marfin Investment Group continues to stand by its focused strategy and adoption of a defensive, disciplined approach towards investing in strong, market-leading, innovative companies
In accordance with the strategy stated at the beginning of the year, MIG has continued to deliver value to its shareholders by optimising efficiencies and capital structure, and consolidating market positions in all of its major subsidiary companies. All of the group's portfolio companies are expected to yield operating profitability from 2011 onwards.
ATHENS - Marfin Investment Group (MIG) announced today its Full Year 2009 results.
The Group reported results for the full year with consolidated sales of €1,859.8m, reflecting a 10.5% increase over the previous year; full year gross profit of €543.6m (gross profit reaching €604.4m excluding the Olympic Air Group); and consolidated net profit for the year of €7.7m excluding the extraordinary tax contribution and the non-recurring losses of Olympic Air Group. With Olympic Air Group included, the group reported a loss for the year of €85.5m. As these losses are primarily related to investments in starting up the operations of the new Olympic Air, due to the structure of the transaction these losses will be fully recoverable for MIG.
NAV stood at €3.5bn at the end of 2009, amounting to €4.55 per share. This represents a decrease of 17% from December 2008, mainly as a result of the mark-to-market revaluation of quoted instruments. This number is supported by relevant business plans reflecting current economic conditions; these business plans are reviewed on a regular basis to reflect changes of the economic environment. A further deterioration of the macro and micro environment particularly in Greece may have some impact in the fair value of the portfolio companies, creating an uncertainty relating to potential losses from asset impairments.
Despite these difficult times globally and in Greece particularly, MIG enjoys a very sound capital structure and strong liquidity. Net cash represented 5% of the NAV, underlining MIG's healthy cash position and MIG?s cash at the parent company level amounted to €486m at the year end, and following the recent completion of the convertible bond loan currently stands at €641m. As such, the company is in a very strong position to face the current economic crisis in 2010 and to seize any opportunities that will arise. Furthermore, this sets MIG apart in a domestic environment in which it is particularly and increasingly difficult to obtain liquidity.
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 private equity funds and 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 mainly defensive sectors across the SEE region, grouped into Food & Dairy, Transportation, Healthcare, Financial Institutions, IT/Telecoms, and Private Equity 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, Turkey, and Albania; Marfin Popular Bank; SingularLogic, the leading IT operator in Greece; and Robne Kuce Beograd, the largest chain of department stores in Serbia. As a truly diversified group, MIG has a global presence ? with over 35% of its sales outside Greece, a presence in 40 countries, and more than 22 business segments overall. MIG employs over 56,000 employees and associates. The company has been listed on the Athens Stock Exchange since July 2007, when it raised €5.2bn in the largest rights issue by an investment company in global history at the time.