Marfin Invest Posts 1.87 Billion-Euro Loss on Writedowns
The fund reported a 1.87 billion euro ($2.6 billion) loss last year, according to an e-mailed statement from the Athens- based company today. In 2009, Marfin had an 85.5 million-euro loss. About 1.4 billion euros of this year’s loss were accounting losses related impairments and the revaluation of assets, according to the statement.
Stripping out the impairment and losses from discontinued operations and extraordinary items, the company had a loss of 90.8 million euros. Sales rose 13 percent to 1.49 billion euros.
The company has a cash position of 564.6 million euros and “will be able to exploit opportunities arising from the expected improvement in the economic cycle,” Chief Executive Officer Dennis Malamatinas said. “We believe that numerous attractive and significant opportunities will come to market.”
Marfin plans to raise 941.5 million euros, through a share capital increase and the issue of a convertible bond loan, to finance investments in the future, according to the statement.
Marfin has acquired businesses including Olympic Airlines SA, food company Vivartia SA, a ferry operator and health clinics. Its investments include a Hilton Hotel in Cyprus and a Serbian real-estate company. It also owns a stake in Cyprus’s second-biggest bank Marfin Popular Pcl.