• Consolidated full year 2012 revenues of €1,269m (4% y-o-y reduction). Q4 2012 group sales increased 2% y-o-y, the first quarter of positive annual sales growth since Q3 2010
• EBITDA from recurring business operations[1] at €30.8m, vs. €10.6m a year ago. Reported group EBITDA loss of €49.2m, vs. €46.4m in 2011 due to asset revaluations and non-recurring items
• Greece's prolonged economic contraction resulted to significant impairments during 2012 of €1,091m (€1,271m at parent company level). The vast majority, almost 80% of these charges, relate to the write-off (€824m) of the investment in Cyprus Popular Bank. The investment has been written-off entirely
• Consolidated net loss, after tax and minorities, of €1,295m, vs. €415m, adversely impacted by impairments, asset revaluation and discontinued operations' losses. Net loss at the parent company level of €1,302m vs. €183m net loss in 2011
• Full year 2012 Net Asset Value (NAV) at €1.30bn, translating to a NAV per share of €1.68 after impairments and asset revaluations
• Cash balances of €217m at group and €114m at parent company level. Receivables from the Greek state of €146m by the end of 2012, which have been reduced to approximately €110m during Q1 2013
• MIG's total exposure to Cyprus is approximately 1% of group turnover (Hilton Cyprus, Evangelismos Hospital and Vivartia's 10% minority stake in the dairy company “Charalambides-Christes Ltd”). MIG's total deposits in excess of €100,000 in financial institutions in Cyprus amount to €5m (equivalent to 2.3% of group total cash)

ATHENS – Marfin Investment Group (MIG) announced today its full year 2012 results. Consolidated sales amounted to €1,269m compared to €1,319m last year, implying a 4% annual reduction, due to worsening macroeconomic conditions in Greece. Nonetheless, group turnover in Q4 2012 grew 2% vs. the respective period last year, reversing previous quarters' negative trend. In fact, Q4 2012 is the first quarter of positive annual sales growth since Q3 2010.

Gross profit reached €232m, a €19m annual decline, significantly below the annual turnover reduction (€50m), reflecting the cost containment effectiveness and improved efficiency across all companies of the Group. Cost rationalisation remains an ongoing target, amid adverse market conditions. The running rate is expected to demonstrate higher tangible benefits in the coming quarters.

Group EBITDA from recurring business operations more than doubled year-on-year to €30.8m in FY2012, compared to €10.6m in FY2011, on account of the aforesaid positive operating leverage. Group reported EBITDA amounted to €49.2m loss vs. €46.4m loss in 2011, due to asset revaluations.

FY2012 group bottom-line results have been burdened by impairments worth €1,091m (€1,271m at the parent company level), which resulted by the prolonged economic recession in Greece. The vast majority of these impairments relate to the reclassification of the value of the investment in Cyprus Popular Bank by an amount of €824m (impairment charge). The investment has been written-off entirely.

At a group level, FY2012 net losses, after tax and minorities, amounted to €1,295m, compared to net losses of €415m a year ago, largely hindered by impairments, asset revaluations and discontinued operations' losses. Net losses at the parent company level for the full year 2012 reached €1,302m (vs. a net loss of €183m in 2011). On a recurring basis, after excluding impairments, group net losses amounted to €223m compared to net losses of €298m in 2011.

FY2012 Net Asset Value (NAV) stood at €1.30bn, after impairments and asset revaluations, or at €1.68 on a per share basis, implying that current share price levels incorporate an 84% discount to NAV (based on the closing price on March, 28 2013).

MIG's cash at the parent company level amounted to €114m and €217m at group level. Worth noting that MIG's group receivables from the Greek state amounted to €146m at the end of 2012, which have been reduced to approximately €110m in Q1 2013.

MIG's exposure to Cyprus is reflected through the investment in Hilton Cyprus, Evangelismos Hospital (owned by Hygeia Group) and Vivartia's 10% minority stake in the dairy company “Charalambides-Christes Ltd”. The total turnover of these businesses constitutes approximately 1% of group turnover. Finally, MIG's total deposits in excess of €100,000 held in financial institutions in Cyprus amount to €5m (equivalent to 2.3% of group total cash).

Despite challenging macroeconomic conditions in Greece and their subsequent adverse impact to domestic demand and disposable income, a number of MIG's portfolio companies have succeeded in improving their overall performance compared to 2011.

Contacts:
Investor Relations: +30 210 350 4046
InvestorRelations@marfingroup.gr

About MIG: Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and throughout Southeast Europe (SEE). 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 has been listed on the Athens Stock Exchange since July 2007. Its portfolio includes 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 SEE; Attica Group, a leading passenger ferry operator in the Eastern Mediterranean; Flight Ambulance International (FAI) a top-5 global fixed-wing medical evacuation company; Olympic Air, Greece's national flag carrier; Hygeia Group, a market leader in integrated private hospitals and clinics in SEE, with the leading general hospital facilities and maternity clinics in Greece; Singular Logic, the leading IT operator in Greece; Sunce (Bluesun) a leading hospitality and leisure group in Croatia; and Robne Kuce Beograd (RKB), owner of the largest commercial real-estate portfolio in Serbia.