Half-yearly results 2011

10 Nov 2011

Key points

Gross portfolio return of (8.3)%, driven by market conditions

  • Portfolio earnings up by 8% in the period on a value weighted basis
  • Total return of £(523)m, a (15.6)% return on opening shareholders' funds
  • Realisations of £532m and investment of £448m
  • Substantial increase in dividend proposed of 8.1p for the year, up from 3.6p

Michael Queen, 3i's Chief Executive, commented:

"We have not been immune to the broader market turmoil and the challenging environment has had a direct impact on our results. However, the steps we have taken over the last two and a half years to improve the financial and operational strength of the Group, and to reduce the risk in our portfolio, give the Board confidence in announcing a significant increase in our dividend today."

Key financial data

 

6 months to/as at

6 months to/as at

 

30 September

30 September

 

2011

2010

Returns

Gross portfolio return

£(331)m

£307m

Gross portfolio return on opening portfolio value

(8.3)%

8.7%

Net portfolio return

£(385)m

£236m

Net portfolio return on opening portfolio value

(9.6)%

6.7%

Total return

£(523)m

£117m

Total return on opening shareholders' funds

(15.6)%

3.8%

Dividend per ordinary share

2.7p

1.2p

Assets under management

3i

£5,262m

£5,513m

External funds

£7,019m

£3,791m

Total assets under management

£12,281m

£9,304m

Balance sheet

3i portfolio value

£3,412m

£3,679m

Gross debt

£1,722m

£2,156m

Net debt

£531m

£352m

Liquidity

£1,680m

£2,129m

Net asset value

£2,804m

£3,161m

Diluted net asset value per ordinary share

£2.94

£3.30

Investment activity

Investment

£448m

£327m

Realisations

£532m

£293m

 

For further information, please contact:

3i Group plc
Michael Queen, Chief Executive - Tel: 020 7975 3512
Kathryn van der Kroft, Press Office - Tel:  020 7975 3021

Finsbury
Guy Lamming - Tel:  020 7251 3801

For further information regarding the announcement of 3i's Half-yearly results to 30 September 2011, including a live videocast of the results presentation from 09:45am, please see http://www.3igroup.com/. 

Notes to editor

3i is an international investor focused on private equity, infrastructure and debt management, investing across Europe, Asia and the Americas.

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.

The online Half-yearly report 2011 will be available athttp://reportingcentre.3igroup.com/2011/Default.aspx from 3.00pm today.

This Half-yearly report may contain certain statements about the future outlook for 3i Group plc and its subsidiaries ("3i"). Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

This report has been drawn up and presented for the purposes of complying with English law. Any liability arising out of or in connection with the Half-yearly report for the six months to 30 September 2011 will be determined in accordance with English law. The Half-yearly results for 2011 and 2010 are unaudited.