Half-year results 2009

12 Nov 2009

 

"With our shareholders support, we have transformed our financial position. We remain cautious about the economy but confident in the strength of our portfolio and business model. 3i is ready for the upturn."
Michael Queen, Chief Executive.

Commentary:

  • Net debt reduced from £1.9 billion at 31 March 2009 to £854 million at 30 September 2009
  • Gearing reduced from 103% at 31 March 2009 to 31% at 30 September 2009
  • Realisations exceeded investment by £317 million during the period, further strengthening the balance sheet
  • 33% of the opening non-core portfolio by value realised and sales agreed on a further 16%
    during the period
  • Liquidity increased by £1.0 billion to £2.0 billion, providing greater capacity to invest in the upturn

For the six months to 30 September

2009

Business activity
Investment
Realisation
Net divestment

£190m
£507m
£317m

Returns
Gross portfolio return
Gross portfolio return on opening portfolio value1
Total return
Total return on opening shareholders' funds2
Dividend per ordinary share

£316m
7.8%
£81m
3.2%
1.0p

Portfolio and assets under management
Own balance sheet
External funds

£3,780m
£3,445m

Total asset under management

£7,225m

Balance Sheet
Net debt
Gearing
Net asset value
Diluted net asset value per ordinary share

£854m
31%
£2,746
£2.86

1 Opening portfolio value is the weighted average of the opening portfolio value, less the opening portfolio value of 3i's share of Quoted Private Equity, plus the value of investments transferred from3i Quoted Private Equity plc to 3i Group plc.

2 Opening shareholders' funds is the weighted average of opening shareholders' funds and the equity value following the liquidation of 3i Quoted Private Equity plc and the nine for seven rights issue.

For further information, please contact:

Patrick Dunne
Group Communications Director - 3i Group plc
020 7975 3566

Rachel Richards
3i Press Office
020 7975 3573

Maitland Consultancy
Suzanne Bartch
020 7379 5151

For further information regarding the announcement of 3i's annual results to 30 September 2009, including a live videocast of the results presentation from 09:45am, please see http://www.3igroup.com/.

Notes to editors 
3i is a mid-market private equity business. We focus on buyouts, growth capital and infrastructure, investing across Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business.  These underpin the value that we deliver to our portfolio and to our shareholders.