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MIG: H1 Losses After Tax And Minorities Of EUR103.5m
For the First Half 2010, Marfin Investment Group (MIG) announced today losses after tax and minorities totaling EUR1.387bn out of which EUR1.161bn are accounting losses relating to the impairment test performed on our Company΄s assets due to the deteriorating state and the negative prospects of the Greek economy.
Total losses from discontinued operations amounted to EUR254.6m out of which EUR132.6m is included in the amount of the impairment charges. Out of the remaining losses from discontinued operations, EUR80.3m will be recovered following completion of the merger between the Olympic Group of companies and Aegean Airlines.
Excluding the impairment test and losses from discontinued operations, the Group recording losses after tax and minorities of EUR103.5m.
First half consolidated Group sales amounted to EUR735.5m vs. EUR583.5m in the same period of 2009 whereas first half gross profit reached EUR179.4m recording a small decline vs. the EUR190.8m recorded during the same period last year.
NAV stood at EUR2.463bn at the end of the first half, amounting to EUR3.24 per share. Post the readjustment in NAV, MIG΄s shares still trade at a significant discount of 70% of the NAV.
MIG said it continues to demonstrate a solid capital structure and strong liquidity since the company maintains solid capital adequacy having a cash position of EUR570.4m at a time where mergers and acquisitions appear unavoidable.
“The majority of our companies continue to hold number one or number two market positions in all of the sectors in which they operate, and are supported by strong balance sheets, strong cash resources, clear market-leading positions, and high quality, independently assessed assets of value, and are thus extremely well positioned to enjoy the maximum benefit of improving market conditions as the economy improves. MIG continues to further improve its operational strengths through restructurings, strengthening of management, international expansion and strategic actions in its group companies,” it said.
"The weak state of the Greek economy and its negative prospects, at least as these can be realistically assessed today, has resulted in the revision of the business plans and re-evaluation of a number of our Group΄s portfolio companies and have lead to significant accounting losses and the readjustment of our Net Asset Value. Nevertheless, the current level of EUR3.24 NAV per share does not justify the extremely low levels at which our share price is currently trading.
We consider that our strategy to emphasize in maintaining solid capital adequacy and strong liquidity, which currently stands at EUR570.4m, is correct not only defensively but also in order to enable us to participate from a position of strength in the impending restructuring in the Greek Business environment.
We believe that in a number of sectors where MIG operates mergers and acquisitions are becoming inevitable. The synergies that will be derived will enable companies to positively contribute in this challenging economic environment with a level of prices and services which will correspond to the diminished purchasing power of consumers.
In addition, we believe that the Greek Government in co-operation with the appropriate bodies of the EC and the IMF, will turn its focus, without further delay, to developing growth strategies, creating a business friendly environment and attracting new investments.
In the new environment that will emerge sooner or later, MIG, owning the leading companies in strategic sectors of the Greek economy, coupled with strong capital adequacy, meets all the conditions to reverse this period΄s losses and reward its long-term shareholders," MIG΄s CEO. Dennis Malamatinas said in a statement.
(Capital.gr)
For the First Half 2010, Marfin Investment Group (MIG) announced today losses after tax and minorities totaling EUR1.387bn out of which EUR1.161bn are accounting losses relating to the impairment test performed on our Company΄s assets due to the deteriorating state and the negative prospects of the Greek economy.
Total losses from discontinued operations amounted to EUR254.6m out of which EUR132.6m is included in the amount of the impairment charges. Out of the remaining losses from discontinued operations, EUR80.3m will be recovered following completion of the merger between the Olympic Group of companies and Aegean Airlines.
Excluding the impairment test and losses from discontinued operations, the Group recording losses after tax and minorities of EUR103.5m.
First half consolidated Group sales amounted to EUR735.5m vs. EUR583.5m in the same period of 2009 whereas first half gross profit reached EUR179.4m recording a small decline vs. the EUR190.8m recorded during the same period last year.
NAV stood at EUR2.463bn at the end of the first half, amounting to EUR3.24 per share. Post the readjustment in NAV, MIG΄s shares still trade at a significant discount of 70% of the NAV.
MIG said it continues to demonstrate a solid capital structure and strong liquidity since the company maintains solid capital adequacy having a cash position of EUR570.4m at a time where mergers and acquisitions appear unavoidable.
“The majority of our companies continue to hold number one or number two market positions in all of the sectors in which they operate, and are supported by strong balance sheets, strong cash resources, clear market-leading positions, and high quality, independently assessed assets of value, and are thus extremely well positioned to enjoy the maximum benefit of improving market conditions as the economy improves. MIG continues to further improve its operational strengths through restructurings, strengthening of management, international expansion and strategic actions in its group companies,” it said.
"The weak state of the Greek economy and its negative prospects, at least as these can be realistically assessed today, has resulted in the revision of the business plans and re-evaluation of a number of our Group΄s portfolio companies and have lead to significant accounting losses and the readjustment of our Net Asset Value. Nevertheless, the current level of EUR3.24 NAV per share does not justify the extremely low levels at which our share price is currently trading.
We consider that our strategy to emphasize in maintaining solid capital adequacy and strong liquidity, which currently stands at EUR570.4m, is correct not only defensively but also in order to enable us to participate from a position of strength in the impending restructuring in the Greek Business environment.
We believe that in a number of sectors where MIG operates mergers and acquisitions are becoming inevitable. The synergies that will be derived will enable companies to positively contribute in this challenging economic environment with a level of prices and services which will correspond to the diminished purchasing power of consumers.
In addition, we believe that the Greek Government in co-operation with the appropriate bodies of the EC and the IMF, will turn its focus, without further delay, to developing growth strategies, creating a business friendly environment and attracting new investments.
In the new environment that will emerge sooner or later, MIG, owning the leading companies in strategic sectors of the Greek economy, coupled with strong capital adequacy, meets all the conditions to reverse this period΄s losses and reward its long-term shareholders," MIG΄s CEO. Dennis Malamatinas said in a statement.
(Capital.gr)
