Preliminary statement of annual results for the year to 31 March 2003

15 May 2003

For more information on our annual results for the year to 31 March 2003, please go to our results day centre on this site.

Results

  • Diluted net asset value per share of 480p
  • Recommended final dividend of 8.6p per share, making a total dividend for the year of 13.5p (2002: 13.0p), an increase of 3.8%
  • Total return of a negative 23.7% on opening shareholders funds, compared with a negative total return of 29.8% for the FTSE All-Share index
  • £931 million invested (including co-investment funds)

Baroness Hogg, chairman of 3i Group plc, said:

Despite difficult markets, 3i has generated strong realisations at good profits and the Board is recommending an increased dividend. Although 3i's net asset value has fallen, it has done so by less than our benchmark indices. The changes we have made to the business have sharpened our competitive position and provide a good base for growth.

Financial Overview

  • A negative return of 23.7% represents an outperformance of the FTSE100, FTSE All-Share, FTSE SmallCap and MSCI Europe indices.
  • Revenue profit after tax of £140 million.
  • Realisation proceeds on the sale of assets of £976 million generated realised capital profits of £184 million. Equity realisations were made at an uplift of 34% over opening values.
  • Investment in the year was £931 million. There has been a 37% increase in investment in the second half reflecting the better opportunities to invest.
  • Net cash inflow of £170 million.
  • The fall in value of 3i's investment assets was £1,165 million, mainly resulting from falling stock markets and value reductions in respect of companies in technology sectors.

Commenting on the outlook, 3i's chief executive, Brian Larcombe, said:

Although we are cautious about the short-term market environment, we are confident about the prospects for the business.

For further information, please contact:

3i Group plc  
 Brian Larcombe, Chief Executive  Tel:  020 7975 3386     
 Michael Queen, Finance Director  Tel:  020 7975 3400
 Patrick Dunne, Group Communication Director  Tel:  020 7975 3283
 Issued by The Maitland Consultancy  
 Philip Gawith  Tel:  020 7379 5151

 

Notes to Editors
3i brings capital, knowledge and connections to the creation and development of businesses around the world. It invests in a wide range of opportunities from start-ups to buy-outs and buy-ins, focusing on businesses with high growth potential and strong management.

3i invests in businesses across three continents through local investment teams in Europe, Asia Pacific and the US. To date, 3i has invested over £14.5 billion (including co-investment funds).